SeABank 2023 Annual General Meeting of Shareholders: Set a sustainable growth target, increase charter capital to 25,903 billion VND, and profit of more than 5,633 billion VND

Sustaining Sustainable Growth

During the meeting, SeABank's leadership informed shareholders about the business results for 2022 and the planned business targets for 2023. Despite the profound impact of the Covid-19 pandemic on the global and domestic economies, SeABank demonstrated flexibility in its business operations to adapt to the evolving situation. The bank diversified its revenue sources and actively developed digital technology. As a result, SeABank achieved outstanding achievements, with a pre-tax profit of nearly 5,069 billion Vietnamese dongs, surpassing the annual plan by 104%. The bank's return on average assets (ROA) stood at 1.83%, and the return on average equity (ROE) reached 18.1%. These indicators reflect the effectiveness of SeABank's operations, positioning it among the top-performing banks in the system. Notably, in 2022, SeABank also reached an impressive milestone with nearly 1 million new e-banking users.

In 2023, due to anticipated economic fluctuations, SeABank is focused on sustainable and secure development. The Shareholders' Meeting approved the business plan for 2023, which includes a 10% increase in total assets, and an 18,000 billion Vietnamese dong increase in mobilized capital (12% higher than in 2022), with priority given to non-term mobilization growth (CASA). The plan also includes a 16,200 billion Vietnamese dong increase in lending (11% higher than in 2022), ensuring compliance with the regulations of the State Bank of Vietnam (SBV), and a pre-tax profit target of over 5,633 billion Vietnamese dongs. Additionally, SeABank will prioritize risk management and maintain a non-performing loan ratio below 3%.

In the current year, SeABank plans to increase its charter capital from 20,403 billion Vietnamese dongs to a maximum of 25,903 billion Vietnamese dongs by issuing shares to distribute dividends and bonus shares at a rate of approximately 20.3%, selling private placement shares at a rate of over 4.6%, and implementing an Employee Stock Ownership Program (ESOP) share issuance.

Election of the Board of Directors and Board of Supervisors for the 2023-2028 term

During the SeABank Annual General Meeting of Shareholders, seven members of the Board of Directors for the 2023-2028 term were elected. This includes two foreign members, Mr Mathew Nevil Welch and Mr Fergus Macdonald Clark, who were elected as members and independent members, respectively. The Board of Directors also re-elected Mr Le Van Tan as Chairman of the Board, Madame Nguyen Thi Nga as Deputy Chairwoman, and appointed Ms Le Thu Thuy and Ms Khuc Thi Quynh Lam as Deputy Chairwomen. Additionally, three members of the Board of Supervisors were elected for the 2023-2028 term, namely Ms Vu Thi Ngoc Quynh as the Head, Mr Nguyen Thanh Luan as a member, and Ms Vu Thu Thuy as a member.

All members of the Board of Directors and Board of Supervisors of SeABank meet the standards and conditions specified in the Law on Credit Institutions 2010, as well as the Law amending and supplementing certain articles of the Law on Credit Institutions. They are individuals with high professional qualifications and expertise, holding university degrees or higher, and have extensive management experience in the financial and banking sector. They possess a strategic vision, and a spirit of solidarity, and are committed to the development of SeABank.

Notably, the foreign members of the Board of Directors, Mr Mathew Nevil Welch (Board member, British nationality), and the new addition, Mr Fergus Macdonald Clark (Independent Board member, Australian nationality), are well-trained individuals with many years of experience in finance, banking, international markets, and risk management. Their contributions are expected to provide significant support to SeABank during its development and international cooperation expansion.

In the new term, the Board of Directors aims to continue improving the company's corporate governance system and develop a strong, high-quality, efficient, transparent, and compliant SeABank that meets the standards for banking operation safety as prescribed by laws, regulations, and international standards recommended by international organizations such as IFC and DFC. Priority will be given to implementing Environmental, Social, and Governance (ESG) standards at the governance level to bring long-term benefits to shareholders and create opportunities for future investors to access and invest in the bank.

To strengthen the senior management team, SeABank officially appointed Mr Loic Faussier (French nationality) as the CEO of the bank at the beginning of 2023. With over 25 years of experience in various key positions in financial organizations and major banks in France, Hong Kong, and Japan, such as HSBC and SC, this strategic move by the Board of Directors aims to enhance the management and operational capacity of the robust implementation of SeABank's development plans in the future.