SeABank signed the agreement to transfer 100% of capital contribution at PTF to AEON Financial Service
HANOI, Vietnam, Oct. 20, 2023 /PRNewswire/ -- Southeast Asia Commercial Joint Stock Bank (SeABank, ticker SSB) officially signed an agreement to transfer SeABank's full capital contribution at Post and Telecommunication Finance Company Limited (PTF), which is 100% of PTF's charter capital, to AEON Financial Service Co., Ltd., the financial arm of the AEON Group, Japan's largest retail group, for the purchase price of 4.3 trillion Vietnamese dong.
The PTF transfer agreement is expected to bring significant capital surplus to SeABank's shareholders as well as further improve SeABank's financial capacity.
Post and Telecommunication Finance Company Limited (PTF) was established in October 1998, it was one of the first non-bank credit institutions in Vietnam. In 2018, Vietnam Posts and Telecommunications Group (VNPT) transferred 100% of the capital contribution to SeABank.
After being transferred to SeABank and restructured, PTF has focused on building multiple quick forms of lending solution; it has diversified products with attractive lending interest rates catering the essential and varied needs of the customers. In addition, PTF has built and developed an extensive ecosystem of networks of partners, especially pushing itself to be one of the leading consumer finance companies in digital technology and its application to the products and services, and digitization, which has improved service quality and customer's experiences. To ensure safe and healthy operation, PTF has also enhanced the quality of human resources, built and reinforced the management system. Currently, PTF's charter capital is VND 1,550 billion, with nearly 2,000 personnel, and nearly 200,000 customers across 30 provinces and cities in Vietnam.
SeABank's execution of the agreement to transfer 100% of capital contribution at PTF to AEON Financial Service Co., Ltd. will help SeABank to strengthen its financial capacity, to further expand and invest in technology, and to promote its business activities in focused segments aiming to become the most popular retail bank.
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.
SOURCE SeABank
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