AEON Financial completes buyout of PTF
AEON Financial completes buyout of PTF
AEON Financial Service Co., Ltd, a subsidiary of AEON Group, has been approved by the State Bank of Vietnam (SBV) to scoop up the entire stake at in Post and Telecommunications Finance Co., Ltd. (PTF) from SeABank.
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The deal was green lit one year after SeABank and Aeon Financial signed the transfer of the entire capital contribution of PTF at a price of VND4.3 trillion ($169.5 million).
The divestment plan is part of the bank's roadmap approved by its shareholders to restructure and bolster financial capabilities with a focus on key business areas. Besides the transfer of all PTF's capital contribution, SeABank and Aeon Financial also aim to become comprehensive partners.
PTF was established in October 1998 and became one of the first non-banking credit organisations in Vietnam. In 2018, it came under the full ownership of SeABank when the bank acquired it in whole from Vietnam Posts and Telecommunications Group.
Established in 1981, AEON Financial is a member of AEON Group, Japan's largest retail conglomerate. The company operates in areas such as credit cards, instalment financing, banking, and insurance in 11 countries. AEON Financial began offering its own instalment loans in Vietnam in 2008 by establishing ACS Vietnam Trading Co., Ltd.
Dealmaking activities are becoming increasingly vibrant in Vietnam's consumer finance market. Another noteworthy deal saw SCBX, a subsidiary of Thailand’s oldest bank and one of its leading financial institutions, acquiring Home Credit Vietnam. The transaction, valued at approximately $860 million, is poised to be finalised in the first half of 2025, pending regulatory approvals in Vietnam and Thailand.
