SeABank completed charter capital increase to VND24,957 billion

The SBV has issued Decision No. 970/QD-NHNN dated May 21, 2024 on approving the adjustment of charter capital on SeABank's operating license from VND24,537 billion (approx. US$966 million) to VND24,957 billion (approx. US$982 million). The charter capital increase of approx. US$16 million is the result of its ESOP 2023 in which SeABank issued shares with preferential prices for more than 2,000 managers and employees who meet the requirements on seniority, performance, and is allocated according to groups of titles.

According to the approval of the 2024 Annual General Meeting of Shareholders, SeABank would implement its plans to increase charter capital to nearly US$1.2 billion in 2024, through issuing shares with a total ratio of nearly 14% to pay dividends and to increase share capital from owner’s equity; issuing shares under ESOP 2024; offering shares in forms of private placement and/or issuing shares to swap debt.

Continuous charter capital increase is part of SeABank's long-term development plan, with the purpose of guaranteeing adequate capabilities and capital to improve capital adequacy indicators, accelerate operating capital scale, and invest in technology. In this way, SeABank's reputation, operational efficiency as well as financial potential could be further affirmed in the financial and banking sector.