Vietnam’s Southeast Asia Commercial Joint Stock Bank (SeABank) plans to sell about 13.78% stake of its existing registered capital to foreign investors, a spokesperson of the lender confirmed to DealStreetAsia.
This development was first reported by Bloomberg. The portal said that SeABank is working with a financial adviser to field interest from potential buyers.
At the current share price, the transaction would be valued at about $375 million.
Established in 1994 in Hanoi, SeABank is listed on Ho Chi Minh Stock Exchange (HOSE).
The bank provides a wide range of commercial banking products and services to both retail and commercial clients through its network of 167 branches.
SeABank is the 12th largest private sector bank in Vietnam in terms of asset size as of December 31, 2020. The lender had $10 billion in assets as of the end of the first quarter of 2022, according to its announcement on the website.
The lender plans to use the proceeds to further expand its financial services across the country.
In January, The International Finance Corporation (IFC), part of the World Bank, increased the loan package granted to SeABank from $150 million to $220 million.
IFC and international lenders decided to provide additional funding of $70 million, bringing the total credit and trade-financing package for SeABank to $220 million.
The additional funding was provided by IFC, and international lenders including Banque Internationale de Commerce-BRED, BlueOrchard Microfinance Fund, KASIKORNBANK PCL, OPEC Fund for International Development (OPEC Fund) and responsAbility Investments AG.
“Receiving additional fund from IFC and major international lending institutions demonstrated SeABank’s ability to access international capital to support businesses, especially SMEs and women-owned enterprises. The additional capital will assist SeABank to strengthen its capability to support the growth of women-owned businesses as well as develop gender-smart action plans and intervention in line with the bank’s strategy,” said Le Thu Thuy, general director of SeABank.