SeABank's 2024 Annual General Meeting of Shareholders: growth goal of 28%, charter capital increase targeted at US$1.2 billion

USA - English

• APAC - Traditional Chinese
• APAC - English

HANOI, Vietnam, April 17, 2024 /PRNewswire/ -- Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) successfully organized the 2024 Annual General Meeting of Shareholders ("AGM") to inform of positive business results in 2023 and deliver 2024 business plan.

In 2023, despite the challenging global and domestic economy, SeABank has made great efforts to maintain stable growth rate and achieve positive business results.

Regarding market position and reputation, SSB was selected into VN30-Index by HoSE. SeABank also becomes one of the 7 Vietnamese banks with largest capitalization, receives First-class Labor Medal by the President.

Moreover, SeABank's notable international recognition include: 771st in Top 1000 World Banks 2023 (The Banker Magazine); 44th in 100 most valuable brands in Vietnam 2023 (Brand Finance).

In 2023, Moody's affirmed SeABank's Ba3 ratings for important categories with a Stable outlook, reflecting its improving capital adequacy. Pioneering in applying Basel III into banking governance and risk management, SeABank has optimized RWA and capital using advanced methodologies to measure sensitivity to market risks. Thereby, the risk-opportunity of capital-holding is balanced, thus improving liquidity, enhancing credit risks and operational risks management.

Based on performance and context analysis, the AGM approved 2024 business plan directed at maintaining stable growth. Particularly, total assets expected at approx. US$11.4 billion; capital mobilization targeted at approx. US$1.08 billion; targeted PBT of approx. US$232.6 million, up 28% YoY; targeted ROE of 13.9%; NPL controlled less than 3%.

The AGM also discussed charter capital increase plan to nearly US$1.2 billion, particularly:

• Issuing 329 million SSB shares to pay 2023's dividends to shareholders at the rate of 13.1826% and 10.3 million shares to increase share capital from owner's equity at the rate of 0.4127%, increasing charter capital to approx. US$1.12 billion.
• Issuing 45 million shares under ESOP program to increase charter capital by approx. US$17.75 million.
• Offering maximum 120 million shares in forms of private placement and/or issuing shares to swap debt with expected price of US$0.4/share, increasing charter capital by approx. US$47.4 million.

Besides, to strengthen the governance apparatus, the AGM approves the resignation of Ms. Ngo Thi Nhai (BOD member) and elects Ms. Tran Thi Thanh Thuy as new BOD member. Thereby, SeABank expects to enhance its governance and operations capacity to facilitate the 2024-2028 strategy, promoting sustainable development in line with international standards.

SOURCE SeABank