HÀ NỘI — The State Bank of Việt Nam has approved Aeon Financial, a subsidiary of Japan’s AEON Group, to acquire 100 per cent ownership of Postal Finance Company (PTF) from Southeast Asia Commercial Joint Stock Bank (SeABank).

The regulatory approval comes over a year after SeABank and Aeon Financial signed a capital transfer agreement for PTF valued at VNĐ4.3 trillion (approximately US$181 million).

This capital divestment aligns with SeABank's shareholder-approved strategic roadmap to restructure and enhance its financial and operational capacity.

Alongside the transfer, SeABank and Aeon Financial signed a memorandum of understanding for strategic collaboration, aiming to strengthen their partnership and leverage mutual strengths to drive the development of Việt Nam’s financial market.

Founded in October 1998, PTF is one of Việt Nam's first financial companies, with charter capital of VNĐ1.55 trillion, a workforce of nearly 2,000 employees and a customer base of 200,000 across 30 provinces. SeABank acquired PTF from the Việt Nam Posts and Telecommunications Group (VNPT) in 2018 before its transfer to the Japanese firm.

Established in 1981, Aeon Financial is part of AEON Group, a leading Japanese retail conglomerate. Beyond its domestic market, the company operates in credit cards, instalment financing, banking and insurance across 11 countries.

In Việt Nam, Aeon Financial entered the market in 2008 by establishing ACS Vietnam, which provides instalment financing for consumer goods in partnership with local retailers.

Currently, 16 financial companies are licensed by the State Bank of Việt Nam. With no new licences issued in recent years, mergers and acquisitions have become the primary route for foreign investors to gain market access, expand networks and grow their workforce in Việt Nam.

As of the end of 2023, Việt Nam's consumer finance market had an outstanding loan balance of approximately VNĐ2.4 quadrillion, with financial companies holding VNĐ135 trillion. This represents a decline of around VNĐ70 trillion compared to the end of 2022. — VNS