BAY's president and CEO Tan Kong Khoon
 
 

Bank of Ayudhya Plc (BAY), Thailand’s fifth largest commercial bank, is in the process of acquiring a Thai subsidiary of American International Group and the consumer financial businesses of General Electric units.
According to two separate statements made on Friday by the bank, BAY said the transaction for it to acquire the AIG’s subsidiary, CFG Services Co Ltd (CFGS), is pending an approval of its shareholders at a meeting on August 20 and then another approval from the Bank of Thailand and is expected to …

Bank of Ayudhya Plc (BAY) yesterday said it would buy a retail bank and a credit card business from American International Group Inc (AIG) for the total value of almost 2.06 billion baht.
BAY, Thailand’s fifth-largest bank which is 32.93 percent owned by GE Capital International Holding Corp, said in a notification letter to the Stock Exchange of Thailand (SET) that its board of directors had endorsed to purchase shares of AIG Retail Bank Plc, the operator of retail banking businesses, and AIG Card (Thailand) Co Ltd, the operator of credit …