SeABank successfully holds 2025 Annual General Meeting of Shareholders, electing additional independent board member

Targets completed, comprehensive growth recorded

At the AGM, SeABank’s Executive Board presented 2024 business results and outlined strategic roadmap for 2025. Accordingly, in 2024, profit before tax (PBT) exceeded VND6,039 billion, equivalent to 103% KPI. Total assets reached VND325,699 billion, up 22% YoY. Key performance indicators showed strong efficiency, with ROA at 1.63% and ROE at 14.75%, the non-performing loan (NPL) ratio was effectively controlled at 1.89%.

As of year-end 2024, SeABank's separated and consolidated capital adequacy ratios (CAR) stood at 12.33% and 12.84% respectively, placing SeABank among the Vietnamese banks with highest CAR. Additionally, the Bank successfully issued 10 million shares under the Employee Stock Ownership Plan (ESOP) and is expected to complete all regulatory procedures in Q2/2025 to increase its charter capital to VND28,450 billion. 

A solid financial foundation has enabled SeABank to improve its risk management methodologies and frameworks in line with regulations by the State Bank of Vietnam (SBV) and Basel III standards. In the latest 2024 credit rating review, Moody’s maintained SeABank’s long-term banking deposits at Ba3, Baseline Credit Assessment (BCA) at B1, with a ‘Stable’ outlook. 

Leading in sustainable finance, SeABank issued Vietnam’s first blue bonds and became the first private commercial bank of the country to issue green bonds. A total of USD 150 million in green and blue bonds was successfully issued to the International Finance Corporation (IFC) and the Asian Infrastructure Investment Bank (AIIB). The proceeds will be used to finance sustainable economic activities related to oceans and water, as well as support green sectors including green buildings, renewable energy, and energy efficiency.

In addition to the strong performance in 2024, SeABank’s Executive Board also shared key highlights of the Bank’s Q1/2025 business results, which demonstrated significant growth: PBT reached VND4,350 billion - a 189% increase YoY; Total deposits stood at VND189,993 billion; Total credit balance at VND213,048 billion; Total assets at VND333,746 billion; and Total operating income at VND5,820 billion. The NPL ratio reduced to 1.84% thanks to effective credit risk control.

Strengthening capital base, expanding business, and enhancing governance

Based on the reported 2024 achievements and assessments of 2025 macro-economy, the AGM has approved SeABank’s 2025 business plan, with a strategic focus on segment development, risk control, and maintaining a stable growth momentum from the previous year. The Bank has set key targets: PBT of VND6,458 billion; total assets growth of 10%; total deposits growth of 16%; credit growth of 15%; ROE at 13.8%; NPL ratio controlled under 3% as regulatory requirements.

To achieve growth targets, strengthen financial capacity for business expansion and operational safety, the AGM approved the plan for issuing 20 million shares under 2025 ESOP to increase charter capital to VND28,650 billion. The AGM also approved proposal on private offering and/or private issuance of shares to convert debt, with a cap of up to 20% of the total number of shares in circulation at the time of offering/issuing.

In parallel with capital increase plans, SeABank aims at business expansion with a proposal on acquiring shares of ASEAN Securities JSC (ASEAN SC), making it a subsidiary of the Bank. This is expected to help SeABank diversify its product and service portfolios, broaden its distribution network, develop cross-selling and investment activities.

One of the key resolutions passed at the AGM was the election of Mr. Matthew Sander Hosford (born in 1958, U.S. nationality) as an Independent Member of the BOD for the 2023–2028 term. Mr. Matthew Sander Hosford holds an MBA from Harvard Business School and a BSc from Brigham Young University, with over 35 years of international banking - finance experience, including 10 years as CEO of Santander Bank (Hong Kong) and 8 years as a senior banking expert at the International Finance Corporation (IFC). 

The participation of Mr. Matthew Sander Hosford as independent member of the BOD brings the total number of SeABank’s BOD members to eight, including two independent members and three foreign members with diverse expertise, professional experience, and cultural backgrounds. This diversification not only enhances SeABank’s international integration and global positioning, but also fosters multidimensional strategic perspectives that enhance the Bank’s governance capacity and effective implementation of ESG pillars in pursuit of sustainable development.