SeABank and AEON Financial Service have signed a Memorandum of Understanding for strategic cooperation and exchanged the Capital Transfer Agreement of PTF Financial Company

TOKYO, Dec. 18, 2023 /PRNewswire/ -- On December 15, 2023, in Tokyo, Japan, Southeast Asia Commercial Joint Stock Bank (SeABank, stock code: SSB) and AEON Financial Service Co., Ltd. (AEON Financial), a member of the financial sector within the AEON Group, signed a Memorandum of Understanding for strategic cooperation to strengthen the collaborative relationship between the two parties and contribute to the development of the overall financial market in Vietnam.

Subsequently, on December 16, 2023, within the framework of the Vietnam-Japan Economic Forum held in Tokyo, SeABank and AEON Financial signed and exchanged the Capital Transfer Agreement of PTF Financial Company with a value of 4,300 billion VND, in the presence of Prime Minister Phạm Minh Chính and Mr Nishimura Yasutoshi, Minister of Economy, Trade, and Industry of Japan (METI).

AEON Financial is a member of the financial sector within the AEON Group, the largest retail conglomerate in Japan, with a strong presence in Japan, China, and Southeast Asia, including Vietnam. As of the end of February 2023, AEON Financial has reached 48 million credit card users. In 2022, AEON Financial achieved an operational revenue of nearly 3.5 billion USD, owner's equity of over 3.1 billion USD, and total assets exceeding 46.5 billion USD.

AEON Financial commenced operations in Vietnam in 2008 through the establishment of ACS Vietnam Trading Limited Liability Company, providing instalment sales services in collaboration with retailers for durable consumer goods such as computers, household appliances, furniture, motorcycles, etc. and has accumulated a network of partners with over 6,700 POS across all 63 provinces and cities.

The signing of the Memorandum of Understanding for strategic cooperation opens opportunities for SeABank and AEON Financial to deepen collaboration, aiming to become comprehensive partners and maximize the strengths of both parties.

Before, SeABank and AEON Financial had signed a contract to transfer the entire capital contribution of SeABank to Postal Finance Company (PTF) for a transfer price of 4,300 billion VND. Currently, the parties are actively completing the documentation to seek approval from the State Bank of Vietnam and relevant state authorities to finalize the transaction. Upon completion, the transfer will help SeABank secure additional capital to enhance financial capacity, expand the scale, and invest in technology, thereby promoting business activities in key segments, to become the most favoured retail bank.

source: SeABank