SeABank transfers 100% capital contribution at PTF to AEON arm

The transfer is valued at VND4.3t ($1.8m).

Southeast Asia Commercial Joint Stock Bank (SeABank) signed an agreement to transfer its entire capital contribution in Post and Telecommunication Finance (PTF), which represents 100% of PTF's charter capital, to AEON Financial Service, the financial arm of Japan's largest retail group, AEON. 

The purchase price for this transfer is set at VND4.3t ($1.8m).

This agreement is expected to result in a significant surplus of capital for SeABank's shareholders and enhance SeABank's financial strength.

PTF, established in October 1998, was one of the earliest non-bank credit institutions in Vietnam. In 2018, Vietnam Posts and Telecommunications Group (VNPT) transferred 100% of the capital contribution to SeABank. 

After the transfer and restructuring under SeABank's ownership, PTF focused on developing various quick lending solutions, offering diverse products with competitive lending interest rates to meet customers' diverse needs. 

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PTF also expanded its partner network and worked on becoming one of the leading consumer finance companies in digital technology, applying digitisation to enhance service quality and customer experiences. 

Currently, PTF has a charter capital of VND1.6t, nearly 2,000 personnel, and serves almost 200,000 customers across 30 provinces and cities in Vietnam.

SeABank said the capital contribution transfer agreement with AEON Financial Service will boost SeABank's financial capacity, enabling further investment in technology and the expansion of its business activities, particularly in retail banking.

Following the agreement signing, both parties will seek the necessary approvals from relevant authorities and the State Bank of Vietnam to complete the transfer transaction.