SeABank sells PTF Finance Company for 4.3 trillion VND

SGGPO October 20, 2023 17:11

On October 20, SeABank signed a contract to transfer 100% of its capital contribution at PTF Finance Company to AEON Financial Service, a member of AEON Group - Japan's largest retail group - with a transfer price of VND4.3 trillion.

Japanese retail group AEON spends 4.3 trillion VND to buy PTF Finance Company

PTF was established in October 1998, is one of the first non-bank credit institutions in Vietnam and was transferred 100% of its capital contribution by SeABank from Vietnam Posts and Telecommunications Group ( VNPT ) in 2018. Currently, PTF has a charter capital of VND 1,550 billion, a total of nearly 2,000 employees and serves nearly 200,000 customers in 30 provinces and cities across the country.

SeABank said that transferring 100% of PTF's capital contribution to AEON Financial Service will help the bank have more resources to strengthen its financial capacity, expand its scale, invest in technology, thereby promoting business activities in key segments.

AEON Financial Service, established in 1981, is a member of the financial division of AEON Group. In Vietnam, AEON Financial started operations in 2008 through the establishment of ACS Vietnam Trading Co., Ltd., providing installment sales services in conjunction with retailers for consumer goods.

As of the end of February 2023, AEON Financial had 48 million credit card customers. Its operating revenue in 2022 was nearly 3.5 billion USD, its equity reached more than 3.1 billion USD and its total assets were more than 46.5 billion USD.

Source