At a SeABank transaction counter. — Photo courtesy of SeABank

The State Bank of Vietnam has issued Decision No. 970/QĐ-NHNN, approving the adjustment of SeABank's operating licence to increase its charter capital from more than VNĐ24.5 trillion to nearly VNĐ25 trillion.

The additional VNĐ420 billion was raised through the issuance of shares under the 2023 Employee Stock Ownership Plan (ESOP), offered at preferential prices to over 2,000 eligible managers and staff based on seniority, performance and job titles.

According to the plan, approved by the 2024 shareholder AGM, SeABank, intends to further increase its capital to VNĐ30 trillion within this year.

This will be achieved by issuing shares to pay dividends and to increase share capital from owner’s equity, with a total rate of nearly 14 per cent and issuing shares under the 2024 ESOP and offering shares privately and/or issuing shares to convert debt.

The continued increase in charter capital is part of SeABank’s long-term development strategy.

It aims to give the bank with sufficient resources and capital to enhance capital safety ratios, expand operational capital and invest in technology. This strategy reinforces SeABank’s reputation, operational efficiency and financial strength in the financial and banking market.

Following its 'Digital Convergence' strategy, SeABank is focused on digitalising all its products and services and integrating technology into all internal operations. This approach aims to optimise processes, enhance operational efficiency and offer customers a distinctive digital banking experience, with the goal of it becoming Việt Nam's most favoured retail bank. — VNS