Vietnam's SeABank seeking clarification from Aeon Financial after M&A deal declared invalid
HANOI -- Vietnam's Southeast Asia Commercial Joint Stock Bank has requested an official meeting with Japan's Aeon Financial Service after the latter said last week that its deal to buy a financial company owned by the bank was invalid.
Aeon said the deal was invalid because of "inappropriate accounting transactions".
"SeABank was extremely surprised by AEON Financial's unilateral disclosure," the bank said in a statement over the weekend.
Aeon Financial in February completed the acquisition of Post and Telecommunication Finance, a non-banking credit organisation, from SeABank for about 26.2 billion yen ($181.81 million).
But the Japanese company later found that accounting information disclosed before the agreement "significantly diverged from reality," it said in a statement last week.
Shares of SeABank fell 0.27% in early Monday trade to VND18,150.
"SeABank promptly responded to AEON Financial, requesting an official meeting between the two parties at the earliest opportunity to clarify the matter in a spirit of cooperation and in accordance with the rule of law," the bank said in the statement.
Reuters