AEON Financial Service, a unit of Japan’s biggest retailer, AEON Group, has completed the acquisition of SeABank’s consumer finance arm PTF for 4.3 trillion Vietnamese dong (approximately $170 million), according to an announcement.
The State Bank of Vietnam (SBV) has approved the transfer of 100% of the capital contribution of Southeast Asia Commercial Joint Stock Bank (SeABank) in Post and Telecommunication Finance Company (PTF) to Aeon Financial.
The approval was made more than a year after SeABank and Aeon Financial signed a PTF stake transfer agreement.
According to SeABank, the transfer of PTF is part of the capital restructuring road map, aiming to strengthen financial capacity, invest in technology, and expand operations.
PTF was established in 1998 as a part of the state-owned postal company VNPT to become one of the first non-bank credit organizations in Vietnam. VNPT sold it to SeABank in 2018.
Aeon Financial is one of the major financial groups from Japan. In Vietnam, Aeon Financial began operating in 2008 through the establishment of ACS Vietnam Trading Company Limited, providing installment sales services in conjunction with retailers for consumer goods.
Currently, the market has 16 financial companies licensed by the State Bank. For many years, the management agency has not issued any new licenses.
In February 2024, SCB X Public Company Limited (SCBX) announced that The Siam Commercial Bank Public Company Limited (SCB) signed a sale and purchase agreement to acquire 100% of the charter capital of Home Credit Vietnam Finance Company Limited for a consideration of approximately 20,973 billion Vietnamese dong ($896 million). The transaction is expected to be completed by the first half of 2025, subject to approvals from the relevant competent authorities.
In November 2024, Ayudhya Public Limited Bank (Krungsri) — a member of MUFG Group (Japan) and Saigon — Hanoi Commercial Joint Stock Bank (SHB) reached a final agreement on completing the transfer of the remaining 50% of SHB Finance’s charter capital.
In 2021, the consumer finance market also recorded the deal of VPBank selling 49% of its charter capital at FE Credit to Japan’s Sumitomo Mitsui Financial Group Inc.
