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Being approved by the State Bank of Vietmam to sell 15% shares to Société Générale (France), one of the top banks in Europe and in the World, on August 06th 2008, Southeast Asia Commercial Joint stock bank – SeABank and Société Générale have closed the transation to make Société Générale officially become the biggest shareholder and also the first foreign strategic partner of SeABank. On the coming August, 21st, 2008, SeABank will officially hold the “Foreign Strategic Shareholder announcement ceremony” in Hanoi. This is the first investment in retail banking of Société Générale in Asia.
Société Générale is one of the leading prestigious retail banks in Europe with total assets of USD 1684 billion, 144 years of experience, 30 million individual clients in the world, operating in 85 countries and employing over 150,000 staff. In 2007, SG is ranked AA- level by Standard & Poor. For the first half of 2008, despite the international financial crisis, Société Générale posted a net result of 1.74 Bio Euro, equivalent to USD 2.6 billion. The cooperation with such a strong partner as Société Générale is a special motivation for SeABank to develop fast, safely and effectively.
Madam Nguyen Thi Nga - Chairwomenof SeABank and Mr. Francois Turcot - Head of Asia Region, International Retail Banking of Société Générale at the Signing ceremony strategic cooperation between SeABank and Société Générale, June 2008
According to the Agreement on Strategic cooperation between the two partners, SeABank will receive a comprehensive technical assistance program from Société Générale in terms of management, organization, services & products and especially risk management - the most important concern to be considered as an essential process by Vietnamese banks, thus develop SeABank to become a reference bank in Vietnam.
Madam Nguyen Thi Nga- Chairwoman of SeABank said: “The cooperation with Société Générale is the beginning for the official and comprehensive cooperation in all business fields between the two banks. The cooperation with Société Générale – one of the top retail banks in Europe having experience, reputation and potential in banking market, enables SeABank to effectively strengthen its retail banking product offer in Vietnam. SeABank clients will benefit from top quality products and services .With expectation to improve SeABank to become one of the top retail banks in Vietnam, we highly trust in cooperation and support from S.G. The partnership is also a significant step for SeABank in international cooperation and reinforces its overall development.”
Mr. Francois Turcot - Head of Asia Region - International Retail Banking of Société Générale said: “SeABank is the first retail partner of Société Générale in Asia so far. We have selected SeABank for its numerous strengths among which the size of its network of branches, located in the major economic centers of the country, its excellent reputation, its high potential of growth and its qualified and experienced staff, which is the solid base for the bank’s success.
Through a technical assistance, Société Générale will try to contribute to the future development of SeABank. Our bank will also bring to SeABank additional business opportunities, coming from its international network and from other departments like Private Banking, Corporate and Investment Banking, Insurance, Consumer Finance, etc…
Globally, we are very confident that SeABank, with its strong management and the team spirit and the professionalism of its entire staff, will become within a few years one of the leading banks in Vietnam”
Mr. Jean-Louis Mattei, Head of International Retail Banking at Société Générale, said: « The partnership with SeABank is an excellent opportunity. Following Société Générale’s intensive development in Eastern and Central Europe and Russia in recent years, this operation constitutes a significant step for the Group’s activities in a region with strong growth potential.”
Southeast Asia Commercial Joint Stock Bank - SeABank is one of ten largest joint stock banks in Vietnam. SeABank has been appreciated as a bank with fast and sustainable development. SeABank was also ranked A level for 4 consecutive years by the State Bank of Vietnam and has been awarded Certificate of Merit from the Governor of State Bank of Vietnam for “its excellent achievements in year of 2006-2007”.
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