A turning point that changed identity.
Vietnam Maritime Commercial Bank (MSB), formerly known as Maritime Bank, was established in 1991 in Hai Phong City with an initial charter capital of 40 billion VND.
Over its 33 years of formation and development, this bank has continuously expanded its charter capital. To date, the bank's charter capital has increased 500 times from its initial amount to 20,000 billion VND, placing it in the mid-range among the 28 commercial banks currently operating.
In 2024, MSB plans to issue up to 600 million additional shares, at a maximum issuance ratio of 30%, meaning shareholders owning 100 shares will receive 30 new shares, thereby increasing its charter capital from VND 20,000 billion to VND 26,000 billion.
Back when the logo was still ocean blue, the major shareholders at MSB also had a strong maritime character, with Vietnam Maritime Corporation (Vinalines) owning over 163.1 million shares, equivalent to 10.88% of the capital; United Transport Agency Joint Stock Company (Gemadept) holding 99.8 million shares, equivalent to 6.66%; and Vietnam Ocean Shipping Company (VOSCO) holding nearly 93 million shares, representing 6.2%.
In addition, Vietnam Post and Telecommunications Group ( VNPT ) also owns more than 298.6 million shares, equivalent to 19.91% of the bank's capital.
On January 14, 2019, MSB officially changed its brand identity and abbreviation from Maritime Bank to MSB, launching its 5-year strategy (2019-2023) to make MSB the most trustworthy, customer-understanding, and highly profitable bank in Vietnam.
MSB is changing its brand identity.
Over two years of preparation for listing on HoSE.
At the end of December 2020, more than 1.17 billion shares of MSB were officially listed on the Ho Chi Minh Stock Exchange (HoSE) with a reference price of VND 15,000 per share on the first trading day, corresponding to a market capitalization of over VND 17,625 billion at the time of listing. However, achieving this result was the culmination of a long preparation process by the bank.
In 2018, MSB's annual general meeting approved a plan to list its shares on the HoSE, with the expected timeframe being the first quarter of 2019.
However, in October 2018, the bank's IPO advisory partner, Ho Chi Minh City Securities Corporation (HSC), recommended implementing the IPO according to one of two roadmap options to optimize benefits for shareholders and investors, while also taking advantage of favorable market developments to enhance MSB's image.
Accordingly, given the unfavorable developments in the financial and securities markets from the end of 2018 to the beginning of 2019, which did not bode well for an official listing, MSB's leadership decided to proceed with the plan to list its shares on the HoSE in the third quarter of 2019.
MSB stated that the IPO will help the bank diversify its investment portfolio (increasing the proportion of foreign shareholders), increase its market capitalization after listing, and is expected to raise approximately $1.1 billion after selling all treasury shares to selected investors.
In November 2019, HoSE announced that it had received MSB's listing application. However, the annual general meeting in May 2020 approved the temporary suspension of the first listing application at HoSE and decided to restart the listing process when market conditions were favorable.
Prior to its official listing on the HoSE in December 2020, the bank released a lot of positive information.
Accordingly, MSB announced its business results for the first nine months of 2020, with consolidated total assets reaching over VND 166,000 billion, achieving nearly 98% of the set plan; pre-tax profit reached VND 1,666 billion, exceeding the previously set plan of VND 1,439 billion.
Most notably, by the end of the third quarter of 2020, MSB had fully settled all non-performing loans sold to VAMC. Prior to that, in June 2020, the bank still recorded nearly VND 1,185 billion in face value of special bonds issued by VAMC. Thus, within just three months, the bank successfully wrote off its debt at VAMC.
According to financial reports, in 2016, MSB recorded nearly 8,874 billion VND in special bonds issued by VAMC. Subsequently, as of December 31, 2017, the amount of non-performing loans that MSB had sold to VAMC increased to 9,319 billion VND.
By 2018, the value of special bonds issued by VAMC had sharply decreased from 6,000 billion VND to nearly 3,314 billion VND, and further reduced to 1,533 billion VND at the end of 2019.
December 23, 2020 marked the official listing of 1.175 billion shares of Vietnam Maritime Commercial Bank (MSB) on the Ho Chi Minh City Stock Exchange.
To date, after more than 3 years of listing its shares on the Ho Chi Minh City Stock Exchange, MSB has reached a charter capital of over 1 billion USD. The increase in charter capital in 2024 will continue to provide impetus to enhance the bank's competitiveness in terms of scale, support its capital buffer, maintain a high capital adequacy ratio (CAR), and contribute to boosting credit flows.
Strategic partner
In 2007, ROX Group, formerly known as TNG Holdings Vietnam, expanded its operations into financial investment, becoming a partner of Maritime Bank (MSB). By 2020, the Group had developed and managed over 100 companies, 11 industrial parks, 5 mixed-use urban complexes, 4 residential areas, 6 shopping malls, and 6 office buildings.
Introduction section on ROX Group's website.
According to the financial report of a company within the ROX Group ecosystem, ROX Key Holdings JSC (formerly TNS Holdings), the first member of ROX Group listed on the stock exchange with ticker symbol TN1, at the end of Q1/2024, the company had a short-term financial investment in MSB shares with an original cost of over 518 billion VND and a fair value of over 707 billion VND.
Additionally, in 2020, ROX Cons Vietnam Construction Investment Joint Stock Company (formerly TNCons Vietnam Construction Investment Joint Stock Company) also published a financial report recording nearly 490 billion VND in capital investment in MSB.
Prior to MSB's IPO, in 2018, the company purchased 29 million MSB shares, and in 2020, it bought and sold 23.9 million MSB shares.
MSB previously published General Shareholders' Meeting documents regarding the Board of Directors' Resolutions/Decisions in 2019, which showed that the bank had provided guarantees to Saigon Garment and Match Joint Stock Company and repeatedly granted credit to Nha Trang Bay Construction Investment Joint Stock Company.
May - Diem Saigon is known as the investor of The GoldView project, with a total land area of 23,061m2, located at 346 Ben Van Don, Ho Chi Minh City. The GoldView project has a total investment of over 3,600 billion VND and was completed and accepted in December 2017.
According to the project website, the project management and development unit is TNR Holdings Vietnam (now ROX Living). Furthermore, the strategic financial partner is the well-known MSB, then known as Maritime Bank.
Information is available on The GoldView project website.
Nha Trang Bay Construction Investment Joint Stock Company is the investor of the Phuoc Huu solar power plant project. This is also a flagship project of TNPower Energy Joint Stock Company, a private enterprise operating in the field of investment, development and operation of power plants under ROX Group .
The project is designed to include a grid-connected photovoltaic solar power plant with an installed capacity of 50MW, connected to the national power grid via a 110kV voltage level. The plant utilizes photovoltaic cell technology and a central inverter, with an installed capacity of approximately 65MWp – 50MWac, and a total investment of nearly 1,200 billion VND.
In the latest development regarding MSB stock transactions, ROX Living JSC - a legal entity belonging to ROX Group - has registered to sell nearly 58.8 million MSB shares for the purpose of restructuring its investment through negotiated transactions between May 30 and June 28, 2024.
Prior to the transaction, ROX Living held nearly 76.8 million MSB shares, equivalent to 3.84%. If the transaction is successful, the company will reduce its ownership to 18 million shares, equivalent to 0.9% of the bank's capital.
According to MSB's 2023 governance report, in addition to ROX Living, organizations related to ROX Group such as ROX Key own 48.6 million MSB shares, equivalent to 2.4% of the capital, and TN Property Management owns 15.6 million MSB shares, equivalent to 0.8% of the capital .
Source: https://www.nguoiduatin.vn/hon-mot-thap-ky-no-luc-tro-lai-top-dau-cua-msb-a669809.html
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