AEON Financial announces invalidation of M&A deal with Vietnam’s SeABank

Previously, AEON Financial had announced the acquisition of Post and Telecommunication Finance Co., Ltd. (PTF) from Southeast Asia Commercial Joint Stock Bank, or SeABank, in a deal worth VND4.3 trillion (US$166 million) in October, 2023.

The transaction was finalized on February 3 this year, officially making PTF a consolidated subsidiary of AEON Financial Service.

However, during the post-merger integration process—covering management, operations, systems, and corporate culture—AEON Financial identified irregularities in PTF’s financial records.

The Japanese company promptly launched an internal investigation with legal support from local counsel.

AEON Financial Service’s president and CEO Tomoharu Fukayama confirmed in a statement that the company has formally notified SeABank about the issue.

AEON Financial demanded that SeABank conduct a thorough investigation into the accounting discrepancies; cooperate fully with Vietnamese authorities; initiate legal proceedings in Vietnam to declare the share purchase agreement invalid; reimburse all costs incurred by AEON during the acquisition process.

The Vietnamese lender was also asked to compensate for damages resulting from the incident and accept legal responsibility for SeABank executives and other involved parties.

Despite the dispute, AEON Financial Service reaffirmed its long-term commitment to the Vietnamese market and its goal of improving quality of life through meaningful financial services.

Speaking to Tuoi Tre (Youth) newspaper, a SeABank representative confirmed the bank had just received the notification via email from AEON Financial and is currently in communication with the Japanese firm to clarify the matter.

PTF was established in October 1998 under the management of Vietnam Posts and Telecommunications Group VNPT, making it one of the first financial companies in Vietnam.

SeABank acquired 100 percent of PTF's shares from VNPT Group in 2018.