SeABank Boosts Equity to US$125 Mln

Southeast Asia Commercial Joint Stock Bank (SeABank) announced Oct 2 it officially raised its registered capital to VND2 trillion (US$125 million), becoming one of three Vietnamese largest commercial bank by registered capital, said the bank’s general director Bui Trung Dung.

 

The bank completed the issue of VND2 trillion worth of convertible bonds and bonus shares.

 

In August, SeABank clinched a full cooperation and technical assistance agreement with MobiFone, Vietnam’s second largest mobile phone network which will hold 8 per cent stake in the bank.

 

As of September, the Hanoi-based bank obtained pretax profit of VND254 billion (US$15.9 million). The unlisted bank saw its total assets up 200 per cent on year to VND13 trillion, total deposit of VND10.3 trillion and total outstanding loans of VND11.2 trillion.

 

SeABank plans to raise its equity to VND3 trillion (US$187.5 million) by the end of this year.

 

At present, Asia Commercial Joint Stock Bank (ACB) is the biggest commercial bank with a registered capital of VND2.53 trillion, followed by Sacombank with VND2.34 trillion. (Labor, Vnbourse)