The signing, approved by SeABank shareholders, was part of the roadmap to seek potential foreign investors interested in acquiring the bank's capital contribution in PTF. — Photo courtesy of SeABank

Southeast Asia Commercial Joint Stock Bank (SeABank) has agreed to transfer its entire capital contribution in Postal Financial Limited Liability Company (PTF) at a transfer price of VNĐ4.3 trillion (US$176.6 million) to AEON Financial Service Co, a subsidiary of AEON Group.

The capital contribution transfer, equivalent to 100 per cent of PTF's charter capital, followed a contract inked earlier this month between the two companies.

The signing, approved by SeABank shareholders, was part of the roadmap to seek potential foreign investors interested in acquiring the bank's capital contribution in PTF.

Upon completion of the transfer, it will provide SeABank with additional capital to strengthen its financial capacity, expand its scale, invest in technology, and thereby promote its business activities in key segments, aiming to become the most beloved retail bank, SeABank said in a statement.

Lê Thu Thủy, vice chairwoman of the Board of Directors of SeABank, said: “AEON Financial is one of the leading companies in the consumer finance sector. With a strong reputation and over 40 years of experience in developing non-banking markets in Japan and 10 Asian countries under AEON Financial Service, we believe that PTF will continue to grow and provide a variety of consumer financial products and services for the people of Việt Nam.”

Kenji Fujita, chairman and CEO of AEON Financial, said: “AEON Financial Service began offering its instalment loans in Việt Nam in 2008. This transaction is an important step in our growth strategy in Việt Nam."

"After obtaining the licence, in addition to providing personal loans, we plan to issue credit cards in the future. We will make as many contributions as possible to the Vietnamese financial market with our know-how accumulated in Japan and other Asian countries," he said.

After signing the contract, both parties will seek the approval of the State Bank of Việt Nam to complete the transfer transaction.

Established in October 1998, PTF is one of the first financial companies in Việt Nam. Currently, PTF has a charter capital of VNĐ1.55 trillion, recruiting nearly 2,000 staff. It has served nearly 200,000 customers in 30 provinces and cities across the country. — VNS