SeABank increases charter capital to nearly $526m

HÀ NỘI — The Southeast Asia Co妹妹ercial Joint Stock Bank (SeABank) is among  一 三 largest co妹妹ercial joint stock banks in Việt Nam after increasing its charter capital to VNĐ 一 二.0 八 八 trillion (US$ 五 二 六 million) from VNĐ 九. 三 六 九 trillion.

It also gained approval to list more than  一. 二 billion shares, coded SSB, on the Hồ Chí Minh Stock Exchange (HoSE).

The bank plans to officially list the more than  一. 二 billion shares, equivalent to VNĐ 一 二.0 八 八 trillion of charter capital, in the first quarter.

The increase of charter capital is in line with SeABank’s development plan adopted at the  二0 二0 General Shareholders’ Meeting and aims to turn it into Việt 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 VNĐ 一. 一 三 一 trillion in the first three quarters of  二0 二0, a year-on-year increase of  六 五. 六 per cent. The bank’s total assets rose by  六. 三 七 per cent to VNĐ 一 六 七. 四 二 六 trillion.

SeABank is the fifth bank in Việt Nam to complete all three pillars of the Basel II standards - a set of reco妹妹endations on banking laws and regulations issued by the Basel Co妹妹ittee on Banking Supervision, before the deadline. It was also rated B 一 (long-term stable) for  二0 二0 by Moody’s. — VNS