SeABank and AEON Financial have signed a transfer contract for PTF Financial Company valued at 176.6 million USD

November 10, 2023 07:40 PM AEDT | By Cision

SeABank and AEON Financial have signed a transfer contract for PTF Financial Company valued at 176.6 million USD — Image source: Kalkine Media

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HANOI, Vietnam, Nov. 10, 2023 /PRNewswire/ -- On November 9, 2023, in Hanoi, Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) and AEON Financial Service Co., Ltd. (AEON Financial), a subsidiary of the financial sector of AEON Group, held a signing ceremony for the transfer of SeABank's entire capital contribution in Postal Financial Limited Liability Company (PTF), equivalent to 100% of PTF's charter capital, at a transfer price of 176.6 million USD.

SeABank and AEON Financial have signed a transfer contract for PTF Financial Company valued at 176.6 million USD

The signing of the contract to transfer the entire capital contribution at PTF is an activity that was approved by the SeABank General Shareholders' Meeting as part of the roadmap to seek potential foreign investors interested in acquiring SeABank's capital contribution in PTF. Upon completion of the transfer, it will provide SeABank with additional capital to strengthen its financial capacity, expand its scale, invest in technology, and thereby promote its business activities in key segments, aiming to become the most beloved retail bank.

Speaking at the signing ceremony, Ms. Le Thu Thuy, Vice Chairman of the Board of Directors of 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."

Mr. Kenji Fujita, Chairman and CEO of AEON Financial, stated:"AEON Financial Services, has been engaged in the financial business in 10 Asian countries for more than 30 years, and began offering its own installment loans in Vietnam since2008. This transaction is an important step in our growth strategy in Vietnam, and after obtaining the license, in addition to providing personal loans, we plan to issue credit cards in the future. 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 transfer transaction.

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