SeABank & AEON Financial Service sign strategic cooperation deal
Two sign a memorandum and transfer agreement for the PTF Financial Company.
On December 15, 2023, in Tokyo, the Southeast Asia Commercial Joint Stock Bank (SeABank, Stock code: SSB) and AEON Financial Service Co., Ltd. (AEON Financial), the financial arm of the AEON Group, signed a memorandum of strategic cooperation to strengthen their cooperative relationship and contribute to the development of Vietnam’s financial market.
Subsequently, on December 16, during the Vietnam-Japan Economic Forum in Tokyo, SeABank and AEON Financial signed and exchanged a capital transfer contract for the Postal Finance Company Limited, valued at $176.5 million, in the presence of Prime Minister Pham Minh Chinh and Mr. Nishimura Yasutoshi, Japanese Minister of Economy, Trade, and Industry (METI).
The signing of the memorandum of strategic cooperation opens opportunities for deeper cooperation between SeABank and AEON Financial, so they may become comprehensive partners while maximizing the strengths of both parties.
Prior to this, SeABank and AEON Financial signed an agreement for the complete transfer of SeABank’s capital contribution to the Postal Finance Company Limited for $176.5 million. Both parties are actively completing the necessary documents to seek approval from the State Bank of Vietnam and relevant State agencies to finalize the transaction. Upon completion, the transfer will provide SeABank with additional capital to enhance financial capacity, expand its scale, invest in technology, and promote business activities in key segments, with the goal of becoming the most beloved retail bank.
AEON Financial, the financial arm of the AEON Group, Japan’s largest retail conglomerate, has a significant presence in Japan, China, and Southeast Asia, including Vietnam. The company is dedicated to fostering economic development in Asian countries and has rapidly expanded its global footprint, particularly in non-banking financial markets. With a focus on serving those facing challenges in accessing financial services, AEON Financial boasted 48 million credit card users as of February 2023. In 2022, it reported operating revenue close to $3.5 billion, equity capital exceeding $3.1 billion, and total assets surpassing $46.5 billion.
