SeABank and the deal to sell capital of PTF finance company to AEON Financial

On the afternoon of July 31, Southeast Asia Bank ( SeABank ) provided information related to the capital contribution transfer contract of Post and Telecommunication Finance Company Limited (PTF) and the announcement of AEON Financial Service Co., Ltd. (AFS, part of AEON Group) last June.

Accordingly, SeABank said that there were positive exchanges in the spirit of goodwill and the highest cooperation to clarify the issues raised by AEON Financial Service Co., Ltd.

"AEON Financial Service Co., Ltd has confirmed that SeABank is completely unrelated and unaware of any possible provisioning discrepancies at PTF in the period prior to the completion of the transaction.

At the same time, AEON Financial Service Co., Ltd. has also officially withdrawn the initial announcements related to the transaction and affirmed its determination to continue to manage and develop PTF in a sustainable and long-term manner," the bank representative said.

The transfer deal worth 4,300 billion VND was signed in October 2023.

Previously, on June 6, AEON Financial Service Co., Ltd. suddenly announced the discovery of inappropriate accounting transactions related to the acquisition of PTF Finance Company from SeABank.

According to AEON Financial Service Co., Ltd., during the post-merger implementation phase, the company discovered improper accounting transactions that were made prior to the completion of the share transfer. Therefore, the company conducted an on-site investigation with the advice of a lawyer.

For this reason, the company has sent a notice to SeABank to declare the share transfer contract invalid.

At the end of 2024, the State Bank issued a document approving the transfer of 100% of SeABank's capital contribution at PTF to AEON Financial Service Co., Ltd. The transfer deal worth VND 4,300 billion was completed in February 2025, officially making PTF a consolidated subsidiary.

PTF was established in 1998 and is one of the first financial companies in Vietnam with a charter capital of VND 1,550 billion.

Source: https://nld.com.vn/seabank-len-tieng-ve-thuong-vu-ban-von-cong-ty-tai-chinh-cho-aeon-financial-196250731152228369.htm