AFS withdrew its notice to review the transaction and confirmed SeABank's non-involvement in any potential accounting discrepancies at PTF prior to the transfer's completion. This follows discussions initiated on 6/6 when AFS unilaterally announced the cancellation due to inconsistencies in PTF's accounting reports.

"AFS and SeABank held comprehensive, good-faith discussions to resolve the matter. We retract our prior preliminary announcements and confirm SeABank was not involved in the provision discrepancies before the transaction closed," the AFS statement said.

Following the agreement, SeABank committed to supporting PTF's expansion and collaborating with AEON for its sustainable development. AFS affirmed its commitment to leveraging its 100% ownership and financial license to manage PTF effectively.

Concurrently, both parties signed a cooperative agreement to develop retail products and services, catering to the Vietnamese market.

AEON Financial Service and SeABank clarified information regarding the PTF acquisition. Photo: SeABank

AEON Financial Service and SeABank clarified information regarding the PTF acquisition. Photo: SeABank

The 100% acquisition of PTF, signed in 10/2023 for an estimated 4,300 billion VND, concluded on 3/2/2025 after approval by the State Bank of Vietnam. This made PTF a consolidated subsidiary of AFS, a unit of AEON Group, a major Japanese retailer.

Founded in 1998, PTF has a charter capital of 1,550 billion VND, nearly 2,000 employees, and serves approximately 200,000 customers across 30 provinces. SeABank owned PTF since 2018 after acquiring it from VNPT, before transferring ownership to AEON.

Minh Ngoc