Tuesday, August 22 2017

VietNamNews

SeaBank to set up asset management arm

Update: February, 23/2017 - 15:10

The State Bank of Việt Nam (SBV) will allow Southeast Asia Commercial Joint Stock Bank (SeaBank) to set up its own asset management firm. — Photo cafef.vn

HÀ NỘI — The State Bank of Việt Nam (SBV) will allow Southeast Asia Commercial Joint Stock Bank (SeaBank) to set up its own asset management firm.

In a statement released on Monday by the SBV, SeaBank will be able to found its Southeast Asia Asset Management Co Ltd, of which SeaBank will hold 100 per cent of the chartered capital.

SeaBank will have to make sure its procedures of foundation comply to current regulations. The bank must also assure that it will operate safely before and after the foundation of its asset management arm, supervise strictly the business operation of the new firm and provide reports to the SBV about the issue.

In 2006, SeaBank was a founding shareholder of the Asean Securities Company. At the end of 2015, the bank held total assets of VNĐ84.75 trillion (US$3.76 billion), chartered capital of VNĐ5.77 trillion and net profit of VNĐ92 billion. — VNS

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