Private lender SeABank to increase charter capital to $882 mln via share issuance

Vietnamese private lender SeABank has completed procedures to raise its charter capital by VND420 billion ($16.52 million) to nearly VND24.96 trillion ($882 million), the bank announced.

Under the plan, freshly approved by the State Bank of Vietnam (SBV), the capital hike will be made through the issuance of 42 million shares to more than 2,000 employees who have made outstanding contributions to the bank’s development under the Employment Stock Ownership Plan (ESOP).

According to a scheme adopted at the 2024 AGM, this year, SeABank will continue to increase its charter capital to VND30 trillion ($1.18 billion) by issuing shares to pay dividends and increase owner’s equity with a total ratio of nearly 14%. It will issue shares under the ESOP and via private placements or for debt swap.

The continuous charter capital increase is part of SeABank's long-term development plan, helping the lender have enough potential and capital to improve its capital adequacy ratio, supplement working capital, and invest in technology, thereby affirming its reputation, operational efficiency as well as financial potential in the financial and banking market.

SeABank is listed on the Ho Chi Minh Stock Exchange as SSB, which closed Tuesday at VND21,600 ($0.85) per share.