SeABank to raise foreign ownership limit, having foreign strategic partner

Xuan Thinh Wednesday | 06/09/2021 10:44

Photo: SeABank

Southeast Asia Commercial Joint Stock Bank is seeking shareholders' approval to raise foreign ownership limit from current zero percent ratio, bank said in a statement posted on its website.

The  Vietnamese lender is expected to reveal its strategic foreign shareholders in the third quarter of 2021, Nha Dau Tu news website cited information from the bank's representative.  

Before having its share listed on Ho Chi Minh City’s Stock Exchange, the lender locked foreign ownership limit to 0%. Now it plans to raise the the foreign room, a signal that it has found a foreign strategic partner.

The maximum foreign ownership ratio has not been decided. The SeABank representative said that this ratio will be fixed when the negotiations are concluded.

Currently, there is only one major shareholder holding more than 5% of SeABank, which is Phu My Investment and Development Company Limited.

On March, the bank listed more than 1.2 billion share on exchange with a reference price of VND16,800 a share, equivalent to a market capitalisation of nearly VND20.31 trillion.

Bank aims 2021 pre-tax profit at VND2,414 billion, up 39.6% compared to last year. In the first quarter of 2021, the lender earned VND698 billion of interest, nearly 2.3 times higher than the same period and fulfilling 28.5 percent of the year plan.

Total assets at the end of the year are expected to reach VND198,229 billion, up 10% from the beginning of the year. In which, customer loan balance is estimated to increase 13% to 122,978 billion dong. Customer deposits were estimated to increase by 9.7% to 124,277 billion dong. NPL rate controlled under 3% target.

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