(Bloomberg) -- Vietnam’s Southeast Asia Commercial Joint Stock Bank plans to sell a minority stake to overseas investors three years after its French partner sold its shares.
SeABank, as the Hanoi-based bank is known, could offer about 13.78% of its existing registered capital in a sale, Chief Executive Officer Le Thu Thuy said in an emailed response to a query from Bloomberg News. It hasn’t determined a specific timeline for the transaction.
The lender is working with a financial adviser to field interest in the shares from potential buyers, which could include private equity and other financial firms, according to people familiar with the matter. SeABank could sell as much as 15%, they said, asking not to be identified because the matter is private. A stake of that size would be valued at about $375 million, based on the current share price.
Shares of SeABank have dropped about 18% this year, valuing it at around $2.5 billion. SeABank plans to use the proceeds from any deal to further expand its financial services across the country, the people said.
Established in 1994, SeABank offers retail and commercial banking and asset management, its website shows. The lender had $10 billion of assets as of the end of the first quarter, according to a press release. Its profit before tax for the first three months of 2022 jumped 87% to $56.8 million from a year earlier.
SeABank’s previous minority partners include French lender Societe Generale SA, which held a stake in the Vietnamese bank for about a decade. It exited the investment in 2019.
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