Moody's upgrades SeABank's ratings and assessments to Ba3 from B1

Moody's has announced to upgrade ratings of Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) to Ba3 from B1. Simultaneously, the Bank ranks among "Top 1000 World Banks" by The Banker, reflecting SeABank's strong growth and success in international integration.

HANOI, Vietnam, Sept. 15, 2022 /PRNewswire/ -- Moody's Investors Service (Moody's) - one of the world's big three credit rating agencies has recently upgraded ratings for few reputable Vietnamese banks, SeABank is included. Accordingly, SeABank's long-term local (LC) and foreign currency (FC) deposit and issuer ratings has been upgraded to Ba3 after 4 consecutive years at B1, one notch below Vietnam's sovereign ratings. This is inline with Moody's upgrade of SeABank's Baseline Credit Assessment (BCA) to B1 from B2 with a Positive outlook in April 2022.

The rating actions follows the earlier upgrade of Vietnam's sovereign rating to Ba2 from Ba3 with stable outlook, and in the context of SeABank's outstanding business results in the first half of 2022, implying positive outlook of SeABank's increasing financials growth, market's liquidity, the resilience against unexpected events such as Covid-19.

Moreover, SeABank's strong growth and success in international market penetration are also recognized by reputable global organizations like The Banker. Particularly, in August, this leading Financial Times' publication has listed SeABank in "Top 1000 World Banks" based on 2021's remarkable growth in terms of Pre-Tax Profits, Tier 1 capital, Total Assets, Profits-to-Tier 1 capital ratio, Capital-to-Assets ratio, Return on Assets, etc. SeABank has also increased charter capital to 19.8 trillion VND (US$853.4 million) and is on its way to complete the target of 22.69 trillion VND by the end of 2022.

Additionally, SeABank is recognized internationally for its achievements in different aspects, proved by various awards and honors such as Best Companies to Work for (HR Asia), Most Innovative Bank for Women Award Vietnam 2022 (Global Business Magazine Awards), Top 50 Most Innovative Companies to Watch 2022 (The CEO Views), etc. These are the results of SeABank's clear, effective strategies and  its attempts to adhere to global standards.

In recent years, SeABank has made several breakthroughs as a result of a long-term strategy focusing on 5 core pillars: Risk Management, Technology, Customer Development, Human Resource and Corporate Culture. Currently, SeABank is intensively promoting "Digital Convergence" strategy, focusing on digitizing products and services, integrating modern technology into the system, thus improving daily procedures and better serving the customer demands.

SOURCE SeABank