06.01.2021, 18:40

SeABank increases charter capital to nearly 526 mln USD

SeABank increases charter capital to nearly 526 mln USD
Illustrative image (Photo: VNA)   Hanoi (VNA) – The Southeast Asia Commercial Joint Stock Bank (SeABank) has been among 13 commercial joint stock banks in Vietnam with highest charter capital, after increasing it to 12.088 trillion VND (526 million USD) from 9.369 trillion VND.

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

The bank plans to officially list the more than 1.2 billion shares, equivalent to 12.088 trillion VND of the charter capital, in the first quarter.

The increase to charter capital is in line with SeABank’s development plan adopted at the 2020 General Shareholders’ Meeting and aims to turn it into Vietnam’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 1.131 trillion VND in the first three quarters of 2020, a year-on-year increase of 65.6 percent. The bank’s total assets rose by 6.37 percent to 167.426 trillion VND.

SeABank is the fifth bank in Vietnam 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./.

VNA