A customer at a branch of SeABank in Hanoi (Photo: SeABank)Hanoi (VNS/VNA) -The Southeast Asia Joint Stock Commercial Bank (SeABank) has completed theearly redemption of all special bonds at the Vietnam Asset Management Company(VAMC), thereby helping the bank proactively monitor and handle bad debts.
The move also helps SeABankincrease transparency in its financial statements, creating momentum for profitgrowth in subsequent years.
With the redemption of bondsbefore their expiry dates, SeABank has become one of the first banks in Vietnamto complete the settlement of special bonds at VAMC.
The total value of specialbonds bought by SeABank from VAMC in 2019 was more than 3.5 trillion VND (150million USD).
After the premature settlementof all special bonds, SeABank will not have to make provision for VAMC bondsfrom January 1, 2020, thereby contributing to increasing profits for the bankin the near future.
This year, Seabank increasesits chartered capital to 9.3 trillion VND. The bank is recognised by the StateBank of Vietnam as having met Basel II international standards and has alsobeen rated by Moody's long-term credit level B1 and voted by The Asian Bankerin the Top 500 largest and most powerful banks in Asia-Pacific.
VAMC currently issues specialbonds in return for bad debt, which banks may use as collateral to securefunding from the central bank. Most of the NPLs purchased from commercial banksare still stuck at the VAMC./.
The move also helps SeABankincrease transparency in its financial statements, creating momentum for profitgrowth in subsequent years.
With the redemption of bondsbefore their expiry dates, SeABank has become one of the first banks in Vietnamto complete the settlement of special bonds at VAMC.
The total value of specialbonds bought by SeABank from VAMC in 2019 was more than 3.5 trillion VND (150million USD).
After the premature settlementof all special bonds, SeABank will not have to make provision for VAMC bondsfrom January 1, 2020, thereby contributing to increasing profits for the bankin the near future.
This year, Seabank increasesits chartered capital to 9.3 trillion VND. The bank is recognised by the StateBank of Vietnam as having met Basel II international standards and has alsobeen rated by Moody's long-term credit level B1 and voted by The Asian Bankerin the Top 500 largest and most powerful banks in Asia-Pacific.
VAMC currently issues specialbonds in return for bad debt, which banks may use as collateral to securefunding from the central bank. Most of the NPLs purchased from commercial banksare still stuck at the VAMC./.
VNA
