SeABank completes buying back all bonds at VAMC

The total value of special bonds bought by SeABank from VAMC in 2019 is VND 3,539 billion. After the early redemption of all special bonds, SeABank will not have to make provision for VAMC bonds from January 1, 2020, thereby contributing to increasing profits for the bank in the near future.

The acquisition of all special bonds from VAMC may partly increase the bad debt ratio, however, SeABank strictly controls and ensures that the bad debt is lower than the rate prescribed by the State Bank of Vietnam. This move also shows positive signs of SeABank's financial resources and positive business situation, although providing more provisions but still ensuring the profit plan.

In 2019, SeABank has several impressive achievements with the growth in retail of fees and loans, go right with the strategy to become a retail bank and customer-centric orientation. 2019 is also a milestone year when SeABank increased its chartered capital to VND 9,369 billion, was approved by the State Bank of Vietnam to meet Basel II international standards and has been rated B1 long-term credit rating by Moody's. These achievements confirm the sustainable risk management strategy which is closely aligned with the Bank's business development orientation.

In particular, SeABank is also the first bank in Vietnam to successfully upgrade the core banking software T24 Temenos to the R18 version - the most modern version in the world with many important features to enhance transaction management and risk control, improving productivity, speed and stability of the system, making it easy to develop new features and products, thereby giving customers a great experience when using SeABank products. This success is also one of the milestones of SeABank's digital convergence strategy together with the introduction of internet banking for corporate customers and SeAMobile App for individual customers.

The successful implementation of a series of important projects will contribute to ensuring SeABank's business operations which are safe, efficient, sustainable and transparent, contributing to the development of a stable, healthy banking industry./.