AEON Financial completes buyout of PTF

January 10, 2025 | 16:02

(0) user say

AEON Financial Service Co., Ltd, a subsidiary of AEON Group, has been approved by the State Bank of Vietnam (SBV) to scoop up the entire stake at in Post and Telecommunications Finance Co., Ltd. (PTF) from SeABank.

The deal was green lit one year after SeABank and Aeon Financial signed the transfer of the entire capital contribution of PTF at a price of VND4.3 trillion ($169.5 million).

The divestment plan is part of the bank's roadmap approved by its shareholders to restructure and bolster financial capabilities with a focus on key business areas. Besides the transfer of all PTF's capital contribution, SeABank and Aeon Financial also aim to become comprehensive partners.

PTF was established in October 1998 and became one of the first non-banking credit organisations in Vietnam. In 2018, it came under the full ownership of SeABank when the bank acquired it in whole from Vietnam Posts and Telecommunications Group.

Established in 1981, AEON Financial is a member of AEON Group, Japan's largest retail conglomerate. The company operates in areas such as credit cards, instalment financing, banking, and insurance in 11 countries. AEON Financial began offering its own instalment loans in Vietnam in 2008 by establishing ACS Vietnam Trading Co., Ltd.

Dealmaking activities are becoming increasingly vibrant in Vietnam's consumer finance market. Another noteworthy deal saw SCBX, a subsidiary of Thailand’s oldest bank and one of its leading financial institutions, acquiring Home Credit Vietnam. The transaction, valued at approximately $860 million, is poised to be finalised in the first half of 2025, pending regulatory approvals in Vietnam and Thailand.

SeABank sells entire stake in PTF to AEON Financial

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.

SeABank and AEON Financial ink transfer contract for PTF

The transfer of SeABank’s entire capital contribution in Post and Telecommunications Finance Co., Ltd. (PTF) is part of its roadmap to strengthen its financial capacity.

SeABank builds on strong risk management formula

As of the end of Q3, SeABank recorded a 43 per cent on-year profit soar, along with several positive business indicators, driven by the bank’s solid and effective risk management practices.

By Thanh Van

What the stars mean:

★ Poor ★ ★ Promising ★★★ Good ★★★★ Very good ★★★★★ Exceptional