AEON Moves to Void PTF Acquisition Deal with SeABank Citing Financial Discrepancies

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AEON Financial Service has claimed its agreement to acquire Post and Telecommunication Finance Company Limited (PTF) is invalid after discovering “inappropriate accounting transactions” at the Vietnamese finance company.

The discovery was made during the post-merger integration process following the acquisition of PTF from Southeast Asia Commercial Joint Stock Bank, known as SeABank.

The Japanese financial services company announced on 6 June 2025 that it had notified SeABank of its claim that the equity transfer agreement is invalid.

The accounting issues were uncovered after AEON Financial completed the acquisition of PTF on 3 February 2025, making it a consolidated subsidiary wholly owned by AEON Financial.

AEON Financial had initially entered into the agreement to purchase PTF in October 2023.

Following an investigation with a local external lawyer, AEON Financial has asserted the invalidity of the acquisition agreement.

The company stated it will demand a full investigation, the return of acquisition-related expenses, and compensation for damages from SeABank.

AEON Financial is also seeking to pursue legal liability against SeABank, its directors, and other related parties, and will pursue legal procedures under Vietnamese law to invalidate the agreement.

The acquisition price for PTF was approximately 26,200 million Yen, previously valued at US$170 million.

Despite the development, AEON Financial said it remains committed to its business operations in Vietnam and to supporting the financial well-being of customers.

AEON Financial is currently examining the impact of this matter on its business performance and will disclose further details as they are determined.

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