Vietnam’s SeABank to Sell Lending Unit to Aeon Financial for US$184.6 Millionby Fintech News Vietnam October 26, 2023
The Joint Stock Commercial Bank Southeast Asia (SeABank) is selling its Post and Telecommunication Finance Company (PTF) to AEON Financial Service, the financial arm of Japan’s AEON Group, for VND 4.3 trillion (US$ 184.6 million)
Established in October 1998, PTF is a non-bank credit institution in Vietnam that was acquired by SeABank in 2018. After being transferred to SeABank, PTF has focused on building multiple quick forms of lending solution.
PTF has a charter capital of VND 1,550 billion, with nearly 2,000 personnel, and nearly 200,000 customers across 30 provinces and cities in Vietnam.
SeABank’s divestment of PTF will help to strengthen its financial capacity, further expand and invest in technology, and promote its business activities in focused segments.
After signing the agreement, the two parties will seek relevant authority approvals as well as the State Bank of Vietnam’s approval to complete the transfer transaction.