On May 22, 2018, Governor of the State Bank of Vietnam (SBV) had Decision No.1112/QD-NHNN approving the purchase, sale and transfer the entire contributed capital of Vietnam Post and Telecommunication Group (VNPT) at Post and Telecommunication Finance Company (PTF) to the South East Asia Joint Stock Commercial Bank (SeABank).
Accordingly, within three months from the effective date of this decision, the parties involved in the capital purchase, sale and transfer must complete the aforementioned deal. Passing this time limit, if the parties did not carry out the capital purchase, sale and transfer, then this decision will automatically expire.
The Decision clearly stated that FTF Company is responsible for reporting to the State Bank about results of the capital purchase, sale and transfer along with documents proving the completion of the capital sale, purchase, and transfer within five working days since the completion date of the deal.
At the same time, the company shall carry out procedures i.e. to request the State Bank to amend and supplement Operation License of PTF under regulations in Item 6, Article 10 of Circular No.25/2015/TT-NHNN dated December 29, 2017 regulating documents, procedures and orders to approve changes of non-bank credit organisations (in case the capital sale, purchase and transfer leads to the amendment and supplementation of contents in the License).
Earlier, in December 2017, VNPT publicly announced the auction of the entire stake at PTF under liability inheriting auction method with the starting price of 500 billion dong. SeABank was the winning bidder.
PTF was established in 1998 under Decision No.415/1998/QD-TCCB dated July 8, 1998 by the general director of Telecommunications Bureau and operated under License No.03/GP-NHNN granted by the State Bank governor on October 10, 1998. The company was transferred into one member company limited model owned by the State in 2010.
With the chartered capital of 500 billion dong, PTF is headquartered at No.68, Ngo Quyen Street, Hang Bai ward, Hoan Kiem district, Hanoi.
