AEON Financial acquires Vietnam’s PTF from SeABank for USD 175m

Southeast Asia Commercial Joint Stock Bank (SeABank) officially signed an agreement to transfer SeABank’s full capital contribution at Post and Telecommunication Finance Company Limited (PTF), which is 100% of PTF’s charter capital, to AEON Financial Service, the financial arm of the AEON Group, Japan’s largest retail group, for the purchase price of VND 4.3trn.

When PTF was established in October 1998, it was one of the first non-bank credit institutions in Vietnam. In 2018, Vietnam Posts and Telecommunications Group (VNPT) transferred 100% of the capital contribution to SeABank.

After being restructured by SeABank, PTF has focused on building multiple quick forms of lending solution; it has diversified products with attractive lending interest rates catering the essential and varied needs of the customers. In addition, PTF has built and developed an extensive ecosystem of networks of partners, especially pushing itself to be one of the leading consumer finance companies in digital technology and its application to the products and services, and digitization, which has improved service quality and customer’s experiences. To ensure safe and healthy operation, PTF has also enhanced the quality of human resources, built and reinforced the management system. Currently, PTF’s charter capital is VND 1,550bn, with nearly 2,000 personnel, and nearly 200,000 customers across 30 provinces and cities in Vietnam.

SeABank’s execution of the agreement to transfer 100% of capital contribution at PTF to AEON Financial Service will help SeABank to strengthen its financial capacity, to further expand and invest in technology, and to promote its business activities in focused segments aiming to become the most popular retail bank.

Aeon Financial was established in 1981 as a comprehensive financial services provider within the Aeon Group. Its founding mission was to enhance the convenience of shopping for consumers and the firm has expanded beyond Japan, starting with Hong Kong in 1987.

Aeon Group has invested $1.18 billion in Vietnam, the largest amount by the group in an overseas market. It now has six malls in Vietnam and plans to open a seventh one in the central province of Thua Thien-Hue next year.

After signing the agreement, the two parties will seek relevant authority approvals as well as the State Bank of Vietnam’s approval to complete the transfer transaction.

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