PTF has undergone huge restructuring since it was taken under SeABank’s wing five years ago

On November 9 in Hanoi, SeABank and AEON Financial Service Co., Ltd., a subsidiary of AEON Group, held a signing ceremony for the transfer of SeABank’s entire capital contribution in PTF, at a price of VND4.3 trillion ($176.6 million).

The signing was approved by SeABank shareholders. Upon completion of the transfer, it will provide SeABank with additional capital to expand its scale, invest in technology, and thereby promote its business activities in key segments.

Speaking at the signing ceremony, Le Thu Thuy, vice chair of the board at SeABank, said, “AEON Financial is one of the leading companies in the consumer finance sector. With a strong reputation and over 40 years of experience in developing non-banking markets in Japan and 10 Asian countries under AEON Financial Service, we believe that PTF will continue to grow and provide a variety of consumer financial products and services for the people of Vietnam.”

Kenji Fujita, chairman and CEO of AEON Financial, added, “AEON Financial Service began offering its own instalment loans in Vietnam in 2008. This transaction is an important step in our growth strategy in Vietnam and, in addition to providing personal loans, we plan to issue credit cards. We will make as many contributions as possible to the Vietnamese financial market with our know-how accumulated in Japan and other Asian countries.”

After signing the contract, both parties will seek the approval of the State Bank of Vietnam to complete the transaction.

PTF, established in 1998, came under SeABank’s full ownership in 2018 and has since undergone rigorous restructuring. The firm sharpened its competitive edge in the consumer lending space, offering a suite of swift and accessible loan products to a diverse customer base.

Furthering its strategy, PTF has also invested heavily in expanding its business network, prioritising tech-driven product development and digitalising its service delivery, thereby elevating the customer experience. It has also strengthened its workforce and governance systems to safeguard a healthy operational cadence.

PTF’s financial footprint, with a charter capital of approximately $65.4 million and nearly 2,000 employees, now services an extensive clientele across Vietnam.

AEON Financial Service, with roots stretching back to 1981, has been a comprehensive provider within the AEON Group, Japan’s retail behemoth. The firm has wielded a formidable influence across Japan, China, and Southeast Asia, with Vietnam being a pivotal market since 2008.

Globally, AEON Financial’s operations span 11 countries, engaging in credit card services, consumer finance, banking, and insurance, among other sectors, and is listed on stock exchanges in Hong Kong, Thailand, and Malaysia.

By the end of February 2023, AEON Financial boasted 48 million credit card users, with an operational revenue in 2022 nearing $3.5 billion, owner equity at over $3.1 billion, and total assets exceeding $46.5 billion.

Established in 1994, SeABank currently serves a customer base of over 2.5 million, supported by more than 5,400 staff members across a nationwide network of over 180 branches.