SHB and SeABank have secured spots in the Ho Chi Minh City Stock Exchange's (HSX) VN30 Index, a notable indicator of industry leadership and robust performance within Vietnam's financial sector.
By the end of trading on July 17, SeABank's market capitalisation had surged to over VND 71.402 trillion ($3.05 billion), doubling since its initial offering on the HSX.
First listed on HSX on March 24, 2021, at an introductory price of $0.70 per share, SeABank's SSB shares have seen a consistent upward trend. The bank executed a successful share issuance in June 2023, raising its charter capital to $1.02 billion. As of July 17, 2023, the SSB shares were valued at $1.21 each, contributing to the bank's impressive market capitalisation.
Earlier in the year, the Morgan Stanley Capital Index (MSCI) included the SSB stock in its Frontier Markets portfolio, signalling potential interest from Exchange Traded Funds targeting frontier market shares.
The HSX has also declared the inclusion of Saigon-Hanoi Bank (SHB) in its VN30 Index for the period from August 7, 2023 to February 2, 2024. This development demonstrates SHB's increasing market dominance and resilience, underpinned by solid performance and robust business transformation.
SHB's charter capital stands at around $1.28 billion, ranking it among the top five commercial banks by charter capital size.
In a crucial development late May, SHB and Krungsri Group of Thailand (a member of Japan's MUFG Group) announced the completion of a 50 per cent initial capital transfer at SHBFinance.
This transaction is expected to generate a significant capital surplus for SHB, further bolstering its financial resources and providing a solid foundation for the bank to accelerate its business activities, especially its digital transformation.
The VN30 Index, colloquially referred to as blue-chip stocks, represents companies with substantial market capitalisation and promising growth potential. Inclusion in this select group is considered a bellwether of industry leadership. Investors rely on it to evaluate market trends and make informed investment choices across various sectors.
SHB and SeABank's entry into the VN30 was facilitated by meeting crucial criteria such as high market capitalisation, an optimal free-float ratio, liquidity, and other factors pertaining to organisational stability and strength.
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Saigon-Hanoi Commercial Joint-Stock Bank (SHB) is engaged in discussions to offload up to a fifth of its equity to overseas investors, according to sources familiar with the matter. The impending deal, which values the Vietnamese lender at between $2 billion and $2.2 billion, is attracting considerable interest from a host of investors, notably those hailing from South Korea and Japan.