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.
Hanoi (VNA) – The Southeast AsiaCommercial Joint Stock Bank (SeABank) and the Vietnam Post and Telecommunication(VNPT) have signed the minutes to transfer VNPT finance subsidiary Post andTelecommunication Finance Company Ltd (PTF) to SeABank in the form oftransferring the contributed capital.
Founded in 1998, PTF is one of Vietnam’s firstfinance companies, wholly owned by VNPT, with a charter capital of 500 billionVND (21.8 million USD) and total assets of 384 billion VND recorded at the endof February 2016.
On February 1, 2018, SeABank joined an auctionheld by VNPT and won the highest shares worth 710 billion VND (31 millionUSD) at PTF.
On May 22, the State Bank of Vietnam approvedthe acquisition and transfer of PTF to the SeABank.
Aftercompleting all necessary procedures, VNPT officially transferred its financesubsidiary to SeABank on June 22.
Accordingly, SeABank will cover all financialbusiness activities including payment services, financial support, businessconsultancy, financial investment, and currency trading from VNPT as well asinfrastructure, network system, and human resources.
It is responsible for inheriting and developingpost-sale services for all customers using financial services at PTF from June22 this year.
SeABank General Director Le Thu Thuy saidVietnam’s consumer finance market is growing strongly while the customer demandis on the rise.
Therefore, SeABank has decided to expandoperation in this field through financial companies, she added.
According to Thuy, the purchase of shares at PTFis the first strategic move of the bank to diversify products and services tobecome the most favourable retail bank in the country. -VNA
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Transaction at SeABank (Source: VNA) 
