Thursday , June 20 2024

SeABank to sell 95M shares to Norwegian fund

Private lender SeABank is set to sell nearly 95 million shares, a 4.63% stake, to Norwegian Investment Fund.

The board of directors has approved for the bank to sell each share at minimum VND12,861 ($0.54). The bank is set to fetch over VND1.2 trillion from the sale.

Norwegian Investment Fund will be restricted of trading the shares for one year.

The transaction is set to be carried out this year or at another time specified by SeABank’s board.

The bank caps its foreign ownership at 5%.

SeABank is one of few lenders in Vietnam that does not have a strategic foreign investor.

Its previous shareholder Société Générale, a France-based financial services company, divested its 20% stake from the bank in 2018 after a 10-year investment.

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