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Tag: SeABank

  • SeABank names new acting CEO

    SeABank names new acting CEO

    Le Quoc Long, for the last 18 years the deputy CEO of SeABank, has been named its new acting CEO with effect from Tuesday.

    He replaces Loic Faussier, who resigned for personal reasons after being with the bank for three years as CEO and in other key positions.

    Long, 58, has accounting and law diplomas from two Hanoi universities and been working in finance-banking for 30 years.

    He joined SeABank in 2005 as deputy CEO in charge of credit and risks management.

    The executive board of SeABank now has nine members.

    SeABank was established in 1994 and has 181 branches across the country.

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  • SeABank gets additional IFC funding for housing loans

    SeABank gets additional IFC funding for housing loans

    Vietnamese lender SeABank is getting a $100-million investment from IFC to provide lower and middle-income families with access to housing loans.

    The investment increases International Finance Corporation’s investment in the bank to nearly $400 million.

    SeABank Vice Chairwoman Le Thu Thuy was quoted in an an IFC press release on Monday as saying that while the current demand for housing from lower and middle-income families is considerably high, their access to finance remains limited,

    Through the new investment, SeABank expects to double the number of housing loans to lower and middle income families by 2026. In addition, the project is expected to create thousands of new jobs in construction and related sectors.

    With a rapid annual urbanization rate of 3%, half of Vietnamese population, some 50 million people, is expected to be living in urban areas by 2040, creating the need for an estimated 374,000 additional housing units every year, said IFC, a member of the World Bank Group.

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  • Bank deposit interest rates surpass 10%

    Bank deposit interest rates surpass 10%

    Some banks have hiked deposit interest rates to 10-10.35% amid low liquidity in the system. NCB is paying the highest interest rate of 10.35% for 12-month deposits of VND1 billion (US$40,300) downwards made online. For six-month deposits, it is offering 10%. Over the past month, lenders have increased deposit interest rates frequently, even weekly in some cases.

    At least ten banks are now offering more than 9% deposit interest rates. Most have also launched promotions offering higher rates than officially listed to attract depositors. MSB is offering 9.9% to new clients if they place a deposit of at least VND1 million.

    Many, including Kienlongbank, GPBank, BaoVietBank, PGBank, OCB, VPBank, VietBank, Sacombank, and SeABank, are paying over 9% for 12-month deposits. Public banks are offering around 8% for 12 months.

    For periods of below six months most banks are paying around 6%. Banks lack liquidity and so have had to sharply hike the rates to meet the needs of business borrowers, Nguyen Quoc Hung, general secretary of the Vietnam Banks Association, said.

    The director of a large bank said the tightened bond and property markets mean some lenders have to increase deposit interest rates to ensure liquidity steeply.

    In the last two months, interest rates on deposits of six months or more have increased by 1.5-2.5 percentage points, leading to higher lending interest rates. Floating interest rates are predicted to soon surge to 15% yearly for individual borrowers and 11-12% for businesses.

    Now they are around 13% and 9%.

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  • SeABank offers shares below half the market price

    SeABank offers shares below half the market price

    Private lender SeABank is offering 136 million shares to existing shareholders at the price of VND15,000 (over $0.6), lower than market value in late August by 58 percent.

    New share transactions are expected to take place in the last two quarters of this year, lifting SeABank’s chartered capital to VND14.784 trillion.

    Foreign shareholders also have the right to buy more shares, though their total rate of share ownership in SeABank remains capped at 5 percent.

    SeABank plans to raise VND2.040 trillion through this share issuance, of which VND1.540 trillion would be lent to corporate and individual clients and replace capital mobilized from other sources. The rest would be invested in government and credit institution bonds.

    By the end of June, SeABank assets stood at over VND186.930 trillion, while its bad debt ratio dropped to 1.76 percent. It made before-tax profits of nearly VND1.560 trillion in the first half of this year, compared with VND1.729 trillion in the whole of last year.