Financial institutions AEON Financial Service and SeABank reach an agreement to settle the PTF issue.
In a significant turn of events, AEON Financial Service (AFS) and SeABank have reached a collaborative resolution in their dispute regarding Postal Finance Co., Ltd (PTF). The disagreement revolved around potential discrepancies in loan-loss provisions at PTF, which AFS identified during post-merger integration.
Initially, AFS issued a formal notice to SeABank to reconsider the transaction based on Vietnamese laws. However, after comprehensive and constructive discussions, AFS confirmed that SeABank had no knowledge or involvement in these discrepancies. Both parties agreed to cooperate in supporting PTF's business growth and debt resolution.
As a result of this collaborative resolution, AFS has withdrawn its preliminary reconsideration notice and reaffirmed its intention to manage and sustainably develop PTF. This agreement leverages AFS's 100% ownership of PTF and its financial license, aiming to foster long-term growth and contribute positively to Vietnam’s economy.
The transaction between AFS and SeABank was completed in February 2025, following approval from relevant Vietnamese authorities. The State Bank of Vietnam (SBV) has also approved AEON Financial's acquisition of PTF's entire stake from SeABank.
In addition to the transaction, SeABank and AFS have signed a cooperative agreement to develop retail products and services for their customers in Vietnam. This move is part of SeABank's strategy to strengthen its financial capacity.
Both AEON Financial and SeABank have committed to jointly fostering PTF's business growth, ensuring a harmonious and productive partnership for the future. This agreement marks a significant step forward in the integration of PTF into AEON Financial's portfolio and its continued commitment to responsible and sustainable management.
[References] 1. AEON Financial Service Co., Ltd purchases SeABank's entire stake in Postal Finance Co., Ltd (PTF) for approximately $180 million 2. AFS identifies potential discrepancies in loan-loss provisions at PTF during the post-merger integration process 3. AFS and SeABank agree to support PTF's debt resolution 4. Both parties commit to jointly fostering PTF's business growth
AFS has confirmed that SeABank had no involvement in the discovered discrepancies concerning loan-loss provisions at PTF, thereby allowing them to focus on supporting its business growth and debt resolution (business, finance).
Following the agreement between AFS and SeABank, AFS has reaffirmed its intention to manage PTF sustainably and contribute positively to Vietnam’s economy through fostering its growth and innovation in financial services (business, finance).
