SeABank and AEON Financial ink transfer contract for PTF

On November 9 in Hanoi, SeABank and AEON Financial Service Co., Ltd, a subsidiary of AEON Group, held a signing ceremony for the transfer of SeABank’s entire capital contribution in PTF, at a price of VND4.3 trillion ($176.6 million).

The signing was approved by SeABank shareholders. Upon completion of the transfer, it will provide SeABank with additional capital to expand its scale, invest in technology, and thereby promote its business activities in key segments.

Speaking at the signing ceremony, Le Thu Thuy, vice chair of the Board at SeABank, said, “AEON Financial is one of the leading companies in the consumer finance sector. With a strong reputation and over 40 years of experience in developing non-banking markets in Japan and 10 Asian countries under AEON Financial Service, we believe that PTF will continue to grow and provide a variety of consumer financial products and services for the people of Vietnam.”

Kenji Fujita, chairman and CEO of AEON Financial, added, “AEON Financial Service began offering its own instalment loans in Vietnam in 2008. This transaction is an important step in our growth strategy in Vietnam and, in addition to providing personal loans, we plan to issue credit cards. We will make as many contributions as possible to the Vietnamese financial market with our know-how accumulated in Japan and other Asian countries.”

After signing the contract, both parties will seek the approval of the State Bank of Vietnam to complete the transaction.

BRG-backed SeABank's strategic move to offload its capital stake in Postal Finance Co., Ltd. (PTF) to AEON Financial Service Co., Ltd. for around $180 million on October 19 will fortify the bank's fiscal strength and allow for new ventures in pivotal sectors.

Asia’s key financial players are escalating their investments in Vietnam’s consumer finance sector, underscoring the country’s evolving role as a pivotal market.

KBank, KB Kookmin, SCB X are shortlisted into the next round of acquisition of Home Credit Vietnam, one of the leading consumer finance companies in the Vietnamese market.