Financial institutions AEON Financial Service and SeABank reach an agreement to settle disputes related to the PTF issue.
In a positive turn of events, AEON Financial Service Co., Ltd. (AFS) and Southeast Asia Commercial Joint Stock Bank (SeABank) have resolved a matter regarding discrepancies identified post-acquisition of PTF, the Postal Finance Co., Ltd.
The transaction, which saw AFS purchase SeABank's entire stake in PTF for approximately $180 million, was completed in February 2025 following approval from the relevant Vietnamese authorities, including the State Bank of Vietnam.
However, during the post-merger integration process, AFS identified potential discrepancies in loan-loss provisions at PTF. A formal notice was issued to SeABank regarding possible reconsideration of the transaction, based on relevant Vietnamese laws and regulations.
Since June 6, AFS and SeABank have engaged in comprehensive discussions aimed at resolving the matter constructively and cooperatively. Through these talks, AFS has confirmed that SeABank neither participated in nor had knowledge of the loan-loss provision discrepancies at PTF.
As a result of these discussions, AFS has formally withdrawn its preliminary notice regarding the transaction. Both parties have reached a cooperative agreement to move forward, with AFS reaffirming its intention to manage and develop PTF sustainably in the long term.
The collaborative resolution between AEON Financial and SeABank has resulted in the updating and reconstruction of PTF's business strategy. Both parties have also committed to jointly fostering PTF's business growth.
Moreover, AFS and SeABank have signed a cooperative agreement to develop retail products and services for their customers in Vietnam. This collaboration is a testament to the positive progression of the matter and the commitment of both parties to work together.
AEON Financial's reaffirmed intention is to leverage PTF's financial license to contribute positively to Vietnam's robust economic prospects. The transfer of SeABank's stake in PTF is a part of SeABank's roadmap to strengthen its financial capacity.
It is worth noting that the State Bank of Vietnam approved AEON Financial's purchase of PTF's entire stake from SeABank. The acquisition of PTF is part of AEON Financial's strategy to strengthen its financial capacity.
AEON Financial's ongoing business operations continue to generate robust financial needs and service opportunities that remain unaffected. This matter has been fully resolved to the satisfaction of both parties, signifying a successful outcome for all involved.
Sources: 1. AEON Financial Official Announcement 2. Media Report 1 3. Media Report 2 4. Media Report 3
The collaborative agreement, signed by AEON Financial and SeABank, has led to the revamping of PTF's business strategy in the finance industry, with both parties committing to jointly foster PTF's growth. Moreover, they have undertaken a partnership to create retail products and services for their customers in Vietnam, demonstrating their commitment to work together in the business sector.
