In 2007, SeABank had 5 times raising chartered capital up to VND 3000 billion from VND 500 billion. As expected, SeABank will increase chartered capital to VND 5000 billion. Besides, SeABank successfully issued convertible bonds valued VND 2000 billion with nominal value of VND 10.000.000.
According to SeABank representative, increase in chartered capital to VND 3000 billion as well as issuance of bonds valued VND 2000 billion is on SeABank’s strategy to improve financial capacity, creating good conditions to broaden network, invest in infrastructure and technology, enhance competitiveness and meet the demand of capital and banking services of customers.
There are two terms applied to SeABank’s convertible bonds, one-year term and two-year term. Interest rate of bonds is 8% per year. The purpose of this issuance is to mobilize capital for chartered capital increase, add capital to business operations, develop network and broaden size of operation.
Up to December 31, 2007, total mobilized capital of SeABank reached VND 20.249 billion; total outstanding balance reached more than VND 11.041 billion; profit before tax reached VND 410 billion, increased in turn by 243%, 329%, 300% in comparison with result of 2006.
At present, SeABank has about 50 transaction places all over the country. In early January 2008, SeABank will officially open SeABank Hai Duong Branch at the address of 136A Thong Nhat Street, Le Thanh Nghi District, Hai Duong City and other branches, transaction offices nationwide. According to plan, in 2008, SeABank will open 35 transaction places, raising SeABank’s transaction places to 85 all over the country. Besides, SeABank plans to raise chartered capital to VND 5000 billion (current: VND 3000 billion), total asset to VND 40 000 billion, total outstanding balance to VND 27000 billion, mobilized capital to VND 29500 billion, overdue loan ratio below 0.5%.
