(29 August 2006 – Thailand) GE Money has announced that it will acquire a strategic interest in Thailand’s Bank of Ayudhya.Subject to the approval of both companies’ shareholders, GE Money will buy a 24.5% interest in the bank for US$600 million in a bid to grow it’s presence in Thailand’s retail banking sector.
GE Money will continue to operate its strong consumer finance business however, under Thailand’s ‘single presence rule’, it will be required to return its retail banking license which enabled it to launch GE Money Retail Bank earlier this year.
Bank of Ayudhya is Thailand’s sixth largest lender with a strong presence throughout the country. It provides a range of banking services and is a market leader in commercial banking.