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May 16, 2022

SeABank looking to divest minority stake to foreign investors

Southeast Asia Commercial Joint Stock Bank (SeABank) is looking to divest a minority stake to foreign investors, Bloomberg has reported.

Hanoi, Vietnam-based lender could offload around 13.78% of its existing share capital in the deal, SeABank CEO Le Thu Thuy told the publication.

The lender is yet to decide a specific timeline for the divesture.

It has hired financial advisers to garner interest in the stake from potential buyers, which could be private equity firms and other financial institutions, people familiar with the matter said.

SeABank could offer up to 15% stake for sale, they added.

Based on the current share prices of SeABank, the deal would be valued at around $375m.

SeABank’s shares have tumbled around 18% this year valuing the lender at around $2.5bn.

The Vietnamese bank will use the proceeds from the sale to expand its financial services across the country, the people said.

Founded in 1994, SeABank offers a full range of financial products and services.

It caters to both retail and commercial clients through its network of around 180 branches and transaction points spread across three regions of Vietnam.

At the end of the first quarter of 2022, SeABank had assets worth $10bn and it recorded a profit of $56.8m in Q1 2022.

French banking major Societe Generale held a stake in SeABank for nearly a decade before selling it in 2019.

In December 2021, SeABank joined forces with Google Cloud to optimise costs, bolster security and accelerate innovation.

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