Deal acquiring financial firm of Vietnam's SeABank invalid: Aeon Financial

Aeon Financial Service Co., Ltd. on Friday stated that its deal to purchase a financial company owned by Vietnam's SeABank is invalid due to "inappropriate accounting transactions."

Aeon Financial discovered that accounting information disclosed prior to the conclusion of the agreement significantly diverged from reality, the Japanese firm wrote on its website.

The equity transfer agreement for Post and Telecommunication Finance Company Limited (PTF) was concluded with SeABank in October 2023.

In February 3, 2025, the Japanese financial services company completed the acquisition for about 26.2 billion yen ($181.81 million), making PTF a consolidated subsidiary.

"But in the process of conducting post-merger integration, a business integration process that includes post-consolidation management, operations, systems, and organizational culture with PTF, it was discovered that inappropriate accounting transactions had been carried out prior to the acquisition of the equity," it stressed.

Aeon Financial said that it has notified SeABank the equity transfer agreement is invalid.

"Aeon Financial will, going forward, strongly demand thorough investigation of the facts, cooperation with relevant authorities, implementation of legal procedures which is required under Vietnamese Law to invalidate the equity transfer agreement, the return of the expenses incurred in concluding the equity transfer agreement, compensation for damages and the pursuit of legal liability against SeABank and its directors and other related parties," it added.

SeABank told local media that it has today received an email notification from Aeon Financial regarding the PTF transfer contract.

"This is the first time we have received information from Aeon Financial. We are contacting the company to clarify the information," the Vietnamese bank stated.

PTF was established in October 1998 and is one of the first financial companies in Vietnam, with a charter capital of VND1,550 billion ($59.49 million) and a total staff of nearly 2,000 people, serving 200,000 customers in 30 provinces and cities.

Before being acquired by the Japanese company, this financial company was acquired by SeABank from the Vietnam Posts and Telecommunications Group (VNPT) in 2018.

Aeon Group is a holding company that comprises eight businesses. It generates balanced growth and is Japan’s largest retail group.

Aeon Financial Service is a comprehensive financial group with roots in the retail sector. It operates in Japan and 10 other countries and territories in Asia.

"Aeon Financial has so far positioned Vietnam as an important country in its overseas strategy," the company said in the release on the "invalid" acquisition deal.

Currently, the Vietnamese market has 16 financial companies licensed by the State Bank of Vietnam. For many years, the authority has not issued any new licenses.