VNPT transfers finance subsidiary to SeABank
The Southeast Asia Commercial Joint Stock Bank (SeABank) and the Vietnam Post and Telecommunication (VNPT) have signed the minutes to transfer VNPT finance subsidiary Post and Telecommunication Finance Company Ltd (PTF) to SeABank in the form of transferring the contributed capital.
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Founded in 1998, PTF is one of Vietnam’s first finance companies, wholly owned by VNPT, with a charter capital of VND500 billion (US$21.8 million) and total assets of VND384 billion recorded at the end of February 2016.
On February 1, 2018, SeABank joined an auction held by VNPT and won the highest shares worth VND710 billion (US$31 million) at PTF.
On May 22, the State Bank of Vietnam approved the acquisition and transfer of PTF to the SeABank.
After completing all necessary procedures, VNPT officially transferred its finance subsidiary to SeABank on June 22.
Accordingly, SeABank will cover all financial business activities including payment services, financial support, business consultancy, financial investment, and currency trading from VNPT as well as infrastructure, network system, and human resources.
It is responsible for inheriting and developing post-sale services for all customers using financial services at PTF from June 22 this year.
SeABank General Director Le Thu Thuy said Vietnam’s consumer finance market is growing strongly while the customer demand is on the rise.
Therefore, SeABank has decided to expand operation in this field through financial companies, she added.
According to Thuy, the purchase of shares at PTF is the first strategic move of the bank to diversify products and services to become the most favourable retail bank in the country.
