SeABank increases charter capital to nearly $642.9 million

SeABank received to go-ahead to raise its charter capital only shortly after listing on the HSX

SeABank (HSX: SSB) has officially got the nod from the State Bank of Vietnam (SBV) to increase its maximum capital by VND2.697 trillion($117.26 million), thus boosting its total charter capital to approximately VND14.785 trillion ($642.83 million).

Particularly, the SBV on June 22 green-lit SeABank to raise charter capital by issuing additional shares to pay dividends from last year’s retained earnings in accordance with Document No.4430/NHNN-TTGSNH. The banking arm of Vietnamese behemoth BRG Group also plans to issue shares in an employee stock ownership plan (ESOP).

“The buzz surrounding digitally-led services in Vietnam’s banking industry is intense. As one of the most active and efficient lenders in Vietnam, SeABank is also quickly adapting to this inevitable trend and develop more technology-driven products. The fresh capital would help us leverage our capacity, expand our operating network, diversify our services, and advance in this competitive environment,” a SeABank representative told VIR.

In March, more than 1.2 billion shares of SeABank were officially listed on the Ho Chi Minh City Stock Exchange (HSX) with a reference price of VND16,800 (73 US cents) per share on the first trading day. As of July 2, the bank’s share price has witnessed a considerable jump to reach VND42,400 ($1.84) apiece.

SeABank shares are one of the greatest winners in the banking stock sector due to the bank’s upbeat performance and bright profit prospects.

At peak trading sessions, SeABank's market capitalisation exceeds $2.5 billion.

SeABank's listing on the HSX has marked a significant turning point in its operations, cementing its internal strength and enhancing its brand in the market while providing higher levels of transparency.

This year, SeABank is one of 17 credit institutions driving the development of the domestic financial sector. For the third year in a row, international credit rating agency Moody's assigned SeABank a B1 long-term credit rating and upgraded its development prospects from Stable to Positive.

Furthermore, many renowned titles and honours from the state, government, ministries , departments, and industries, foreign organisations, and consumers attest to SeABank's brand recognition. The most outstanding of these include the second-class Labour Medal of the state president, certificate of merit from the prime minister, and the Vietnam Value 2020 award.

SeABank also affirms its international prestige through outstanding awards such as: Top 15 Strongest Banks in Vietnam; Top 500 Strongest Banks in the Asia-Pacific; Best Customer Service Bank in Vietnam 2020; Innovative Digital Bank of the Year 2020; Top 30 Best Tech Companies in Asia 2020; and Best Working Place in Vietnam 2020.