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Tuesday, June 25, 2024

AEON acquires SeABank’s stake in finance firm

The Saigon Times

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HCMC – AEON Financial Service, a unit of AEON Group, has acquired SeAbank’s stake in Post and Telecommunication Finance Company Limited (PTF) for VND4,300 billion.

SeABank signed a contract to transfer its entire charter capital in PTF to AEON Financial Service, a subsidiary of AEON Group, a leading Japanese retail corporation.

PTF, established in October 1998, is one of Vietnam’s firt non-bank credit institutions. In 2018, VNPT transferred all of its charter capital in PTF to SeABank.

Both parties will seek approval from the State Bank of Vietnam (SBV) and other agencies to get the deal done, according to a representative of SeABank.

AEON Financial established its commercial presence in Vietnam by founding ACS Vietnam Trading Company Limited in 2008. As of February 2023, AEON Financial had served 48 million customers using its credit services. The company reported revenue of nearly US$3.5 billion in 2022, with equity and assets exceeding US$3.1 billion and US$46.5 billion, respectively.

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