AEON buys out SeABank financial unit for $175M

By Minh Son October 20, 2023 | 04:30 pm PT

Inside an office of PTF. Photo courtesy of the company

AEON Financial Service, a unit of Japan’s biggest retailer AEON Group, has signed a deal with SeABank to fully acquire its consumer finance unit PTF for VND4.3 trillion ($175.42 million).

PTF was established in 1998 as part of state-owned postal company VNPT to become one of the first non-bank credit organizations in Vietnam. VNPT sold it to SeABank in 2018.

PTF has been expanding ever since and now has a charter capital of VND1.55 trillion and nearly 2,000 staff. It serves 200,000 customers in 30 localities.

SeABank said the transaction will help boost its financial capability to enhance its scale and technology.

AEON has been operating in Vietnam for 12 years. It has six major shopping centers in the country along with many outlets.

An executive of AEON said in May that Vietnam is the company’s biggest investment destination globally with over $1.18 billion invested.