Employee Stock Ownership Plans (ESOPs) are used by the bank

DNHN - Businesses are increasingly focusing on keeping talent and promoting employee engagement in a variety of ways, including the granting of preferred stock options to workers. When the advantages are increased many times above the purchase price, this is one of the actions that are analyzed to offer optimum efficiency to workers.

Benefits should be multiplied by times.

Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) has successfully executed the Employee Stock Options Issue Program for many years as one of the banks that has always placed people first, seeking to create an egalitarian, cohesive, professional, and compassionate working environment (ESOP).

The initiative has received an enthusiastic reaction and participation from all workers, particularly members of the Board of Directors, with almost all of them registering to purchase all acceptable standards. Currently, all members of the Bank's Board of Directors hold a significant number of SSB shares, are early adopters of ESOP programs and have a long-term commitment to the bank.

In reality, the number of shares and workers participating in SeABank's ESOP program is steadily expanding year after year. Employees that get ESOP shares are chosen based on seniority, work efficiency, or noteworthy contributions to the Bank's growth.

In 2018, almost 23 million ESOP shares were distributed to nearly 200 of the most exceptional workers at a cost of just 10,000 VND each share. Nearly 1,000 SeABank workers will be able to purchase shares at a preferential price in 2021.

SeABank officially listed SSB shares on HOSE in March 2021 and has continuously had impressive growth from the offering price of 16,800 dong/share, increased by 2.7 times to 45,600 dong/share on December 31, 2021, bringing the Bank's capitalization to over $2.9 billion and placing it in the Top 10 banks with the highest capitalization on the stock market.

When compared to the price offered under ESOP schemes, this market price has delivered advantages to workers many times over, helping to enhance and boost the quality of life for employees and their families.

To recognize workers' accomplishments, SeABank intends to continue issuing 59.4 million ESOP shares at half the market price of SSB shares on the stock market in the third quarter of 2022. 15,000 VND/share, applicable to all almost 2,500 managers and workers who chose to participate in the ESOP program. This is seen as a highly important source of motivation, offering enormous advantages that the Bank provides to its workers.

The issuance of ESOP not only helps to increase employee cohesion within the organization, but also allows SeABank to have more capital sources to improve capital adequacy ratios, supplement the working capital scale, and continue to deploy digital convergence strategy, comprehensive digitization of operating processes in credit, payment, customer service, and product and service diversification.

Keep high-quality human resources

Along with favourable salary plans, SeABank places a premium on strengthening the quality of senior human resources in the Executive Board, consistently developing the capability of the present team while also recruiting new members. Mr Faussier Loic Michel Marc, who has over 25 years of experience in several significant roles in major financial institutions and banks in France, Hong Kong, Japan, and Vietnam, was recently hired by SeABank. Nam will take over as Senior Deputy General Director in charge of banking operations on November 7, 2022.

SeABank's Board of Directors has been consolidated with 10 members who are all outstanding managers, experienced in numerous disciplines, have long worked at SeABank, and are dedicated to long-term working relationships with the Bank.

It can be said that ESOP programs have substantially helped to boost the advantages and cohesiveness of workers in general, and top management professionals in particular, hence effectively executing the adopted strategies. Set out to fulfil SeABank's ambition of being the most popular retail bank.

Hanh Nguyen