SeaBank to set up asset management arm

The State Bank of Việt Nam (SBV) will allow Southeast Asia Co妹妹ercial 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 Co妹妹ercial 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  一00 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  二00 六, SeaBank was a founding shareholder of the Asean Securities Company. At the end of  二0 一 五, the bank held total assets of VNĐ 八 四. 七 五 trillion (US$ 三. 七 六 billion), chartered capital of VNĐ 五. 七 七 trillion and net profit of VNĐ 九 二 billion. — VNS