SeABank increases charter capital to nearly $526m

SeABank, Southeast Asia Commercial Joint Stock Bank, Ho Chi Minh Stock Exchange, SSB, SeABank, Southeast Asia Commercial Joint Stock Bank, Ho Chi Minh Stock Exchange, SSB, Markets,
The listing on HoSE is an important milestone for SeABank, contributing to affirming its position and improving its brand value for investors and partners. — Photo the courtesy of Seabank

The Southeast Asia Commercial Joint Stock Bank (SeABank) is among 13 largest commercial joint stock banks in Viet Nam after increasing its charter capital to VND12.088 trillion (US$526 million) from VND9.369 trillion.

It also gained approval to list more than 1.2 billion shares, coded SSB, on the Ho Chi Minh Stock Exchange (HoSE).

The bank plans to officially list the more than 1.2 billion shares, equivalent to VND12.088 trillion of charter capital, in the first quarter.

The increase of charter capital is in line with SeABank’s development plan adopted at the 2020 General Shareholders’ Meeting and aims to turn it into Viet Nam’s most popular retail bank, facilitating operational expansion and promoting investment in technology application and the diversification of products and services.

The listing on HoSE is an important milestone for SeABank, contributing to affirming its position and improving its brand value for investors and partners.

It reported revenue of VND1.131 trillion in the first three quarters of 2020, a year-on-year increase of 65.6 per cent. The bank’s total assets rose by 6.37 per cent to VND167.426 trillion.

SeABank is the fifth bank in Viet Nam to complete all three pillars of the Basel II standards - a set of recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision, before the deadline. It was also rated B1 (long-term stable) for 2020 by Moody’s. — VNS

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