MSB, SeABank want to buy back securities company this year

Specifically, Vietnam Maritime Commercial Joint Stock Bank - MSB (HOSE: MSB) plans to hold the 2025 annual general meeting of shareholders on April 21 in Hanoi to submit to the 2025 annual general meeting of shareholders a business plan, dividend payment, charter capital increase, divestment of TNEX Finance and purchase of a securities company.

MSB aims to have total assets of VND350,000 billion by the end of 2025, up 9% compared to the beginning of the year. Total mobilization from market 1 and capital-raising bonds will reach VND202,000 billion, up 15%. Total outstanding loans (including loans to economic organizations and individuals, corporate bond investments) will reach VND212,000 billion, up 20%. The bad debt ratio will be controlled below 3%. Pre-tax profit in 2025 will reach VND8,000 billion, up 16% compared to the 2024 results.

In 2024, MSB will earn nearly VND 6,904 billion in pre-tax profit. After setting aside funds and paying taxes, the Bank will have VND 4,414 billion left. MSB plans to issue up to 520 million additional shares to existing shareholders to pay dividends. The issuance rate is 20% (100 shares receive 20 new shares). The number of additional shares issued to pay dividends is not subject to transfer restrictions.

The source of capital for issuing shares to pay dividends to increase charter capital in 2025 comes from profits that can be used to pay dividends after setting aside funds and remaining profits from previous years that have not been distributed as of December 31, 2024. The implementation time is in 2025, decided by the Board of Directors after being approved by the State agency. If the issuance is successful, MSB's charter capital will increase from VND 26,000 billion to VND 31,200 billion. The purpose of the issuance is to strengthen the Bank's competitive position by increasing the charter capital scale, consolidating the capital buffer and improving financial safety indicators, supporting medium and long-term credit sources, upgrading facilities, and investing in the system.

MSB wants to buy securities company, fund management company

A notable point at this year's congress is that MSB plans to contribute capital and buy shares of securities companies and fund management companies. According to MSB, the Vietnamese stock market continues to affirm its role as an effective capital channel for the economy, despite facing many challenges and difficulties from the global and domestic economic context. The stock market aims to upgrade from a frontier market to an emerging market by 2025, forecast to attract about 25 billion USD in foreign indirect investment each year into Vietnam.

MSB identifies the securities and investment banking sectors as one of its future development focuses. Investing in securities companies and fund management companies can help MSB expand into investment banking, providing comprehensive financial services such as: Securities brokerage, financial consulting and issuance of stocks, bonds, securities investment to asset management and fund investment, helping MSB create a comprehensive financial model.

At the same time, owning a securities company and a fund management company helps MSB easily access and provide securities investment services and expand into the field of high-end asset management (Wealth Management), serving potential customers who want to invest more professionally; providing products such as open-end funds, pension funds, stock investment funds, bonds... to diversify investment options.

Owning a securities company and a fund management company helps MSB participate more deeply in the capital market, benefiting from the long-term development of the market. In particular, in the context of the Government promoting the development of the capital market to reduce dependence on bank credit, MSB will have a great advantage when providing banking services and supporting businesses to mobilize capital through the securities channel.

Therefore, the Board of Directors (BOD) of MSB submits to the General Meeting of Shareholders to assign the BOD to decide on plans, find partners to contribute capital/purchase shares or acquire securities companies, fund management companies to become subsidiaries of MSB.

In addition, at the upcoming General Meeting of Shareholders, MSB will also present to shareholders the divestment plan at TNEX Finance. The Board of Directors of MSB will present to the General Meeting of Shareholders the divestment plan at TNEX Finance, assigning the Board of Directors to proactively decide on the plan to transfer part or all of the contributed capital at TNEX Finance depending on the market situation and actual work with the purchasing partner; necessary procedures with the purchasing partner, State management agencies to complete the divestment at TNEX Finance, including the entire process before and after divestment.

TNEX Finance Company Limited (TNEX Finance), formerly FCCOM, has a charter capital of VND 500 billion and is 100% owned by MSB. As of 2024, TNEX Fiance has a network including: 1 branch in Ho Chi Minh City, 1 representative office in Phu Yen and 22 service introduction points in 18 provinces/cities nationwide, serving nearly 11,700 local customers.

By the end of 2024, TNEX Finance recorded total assets of VND 3,807 billion, total outstanding loans of VND 1,774 billion, net revenue of VND 358.8 billion, pre-tax profit of about VND 5 billion. Based on the practical operations of TNEX Finance in recent years, in order to develop well, operate effectively and create a position in this challenging market, MSB plans to seek strategic partners to transfer part of the capital at TNEX Finance, cooperate long-term with strategic partners or transfer 100% of the capital contribution at TNEX Finance to partners with capacity and experience in consumer finance business, on that basis, MSB will receive capital and surplus from selling TNEX Finance, focusing entirely on the Bank's core business areas.

Southeast Asia Commercial Joint Stock Bank (SeABank - Code: SSB) has just announced the documents for the 2025 General Meeting of Shareholders (GMS) with many important contents such as capital increase, acquisition of securities companies, etc. The meeting will be held at 8:00 a.m. on April 25 in Hai Phong. Specifically, SeABank will issue 20 million ESOP shares, offering 20% of shares privately. In 2025, SeABank continues to plan to increase its charter capital from VND 28,450 billion to VND 28,650 billion according to the Plan to issue shares under the Employee Stock Option Program (ESOP).

In 2025, SeABank targets pre-tax profit of VND 6,458 billion, an increase of 7% compared to the level achieved in 2024. After-tax profit is VND 5,158 billion. Total assets are expected to grow by 10% to VND 358,268 billion, while the growth in mobilized capital is expected to be 16%, including customer deposits, issuance of valuable papers, and sources from financial organizations/institutions. SeABank's credit growth is targeted to reach 15% compared to 2024, in accordance with the regulations of the State Bank. ROA and ROE are expected to continue to improve, to 1.8% and 13.8%, respectively, in 2025.

Regarding the 2024 post-tax profit distribution plan, the bank said that SeABank's remaining profit after paying taxes and setting aside funds in 2024 is VND3,625 billion. The remaining accumulated undistributed profit after setting aside funds is VND3,743 billion.
The remaining accumulated undistributed profits after setting aside funds in 2024 will be retained and not distributed as dividends in 2025 to strengthen financial capacity and supplement business capital for the bank in the coming time.

Notably, at this congress, SeABank's Board of Directors will also submit to the General Meeting of Shareholders for approval the policy of purchasing shares in ASEAN Securities JSC so that this company can become a subsidiary of SeABank. According to the congress documents, ASEAN Securities JSC was established in 2006 and has a current charter capital of VND 1,500 billion, operating in the field of securities business such as securities brokerage; securities trading; securities investment consulting; securities underwriting and other business activities.

According to the plan, SeABank can buy up to 100% of the charter capital of ASEAN Securities. The specific ratio will be decided by the Board of Directors to ensure that ASEAN Securities becomes a subsidiary of SeABank. The expected implementation time is in 2025 or in accordance with the approval of the competent State agency, legal regulations and the actual situation.

Source: https://baodautu.vn/msb-seabank-muon-mua-lai-cong-ty-chung-khoan-trong-nam-nay-d261376.html