Bangkok--23 Aug--BAY Bank of Ayudhya aims to offer one-stop auto finance services to customers with the goal to become a leader in consumer banking Bank of Ayudhya Plc. (BAY), is in non-binding negotiations to acquire GE Money’s shares in GECAL (GE Capital Auto Lease Public Company Limited). Completion of the acquisition will require various regulatory, corporate and shareholder approvals. The consolidation will bring under one roof the ability to provide new and used car financing, increasing ease and convenience for consumers by leveraging the Bank’s 562 branch network nationwide. This prospective purchase would strengthen the Bank of Ayudhya’s position as a leading and comprehensive auto finance service provider in Thailand. Bank of Ayudhya today (23 August 2007) reported to the Stock Exchange of Thailand that the Bank’s board meeting (No 9/2550 held on 22 August 2007) approved the prospective purchase of a 100% interest in GE Capital Auto Lease Public Company Limited. If approved, the transaction would represent an investment of Baht 17 billion ($486 million approximately), subject to an adjustment price mechanism to reflect changes in the net book value of GECAL at completion, but in any case shall not be more than Baht 17.25 billion. GE Money will continue to indirectly hold an interest in GECAL through its equity partnership in BAY. Bank of Ayudhya President and CEO, Mr. Tan Kong Khoon said, “We are pleased to explore the opportunity to bring GECAL under the Bank’s umbrella and BAY hopes definitive documents can be settled to allow for the closing of the deal as soon as possible.” Mr. Tan added that “the prospective purchase of GECAL would enable us to offer one-stop auto finance service to our customers. We are confident that this investment would strengthen our leadership in Thailand’s banking industry and accelerate growth in consumer banking.” GECAL is a premier auto finance service provider in Thailand, offering used car financing, auto refinancing, and motorcycle loans. GECAL’s ability to meet the particular needs of customers with innovative products and quality service has allowed it to maintain a leading position in the market for more than 14 years. By integrating GECAL into BAY, BAY is immediately able to provide the best value to customers through its extensive service network and lower cost of funds. These advantages support BAY’s plan to assume a market leader position in auto finance services. GE Money Thailand President, Mr. Piriyah Wisedjinda said, "The potential transfer of GECAL to the Bank of Ayudhya is part of GE Money’s long-term strategy to enhance its offerings to customers by maximizing distribution channels and other resources in Thailand. For non-bank businesses, GE Money will implement a ‘super-growth’ model, which is a strategic plan for expansion through organic growth of its core businesses which include credit cards and personal loans as well as exploring and leveraging strategic partnerships.” Thailand is one of GE Money's most successful models for growth. Operating a family of businesses which include both bank and non-bank platforms is key to GE Money's model as a partner of choice and a leader in retail financial services. For non-bank businesses, GE Money provides credit cards (Krungsri GE, Central MasterCard, Home Pro Visa, Robinson Visa, Tesco Lotus Visa), instalment finance (GE Money First Choice, Power Buy), and personal loans (Quikcash). On 3 January 2007, GE Money and BAY became strategic partners when GE Money took a 25.4% equity stake (fully diluted) in the Bank, and subsequently increased it to 31% on 3 July 2007. ABOUT BANK OF AYUDHYA PUBLIC COMPANY LIMITED Bank of Ayudhya Public Company Limited [symbol in SET: BAY], established on January 27, 1945, is the sixth largest commercial bank in terms of total assets in Thailand. BAY provides a full range of banking services to both its commercial and individual customers through 562 branches nationwide. On 3 January 2007, BAY and GE Money, a premiere global consumer financial services firm, have successfully become strategic partners when GE Money took a 25.4% equity stake (fully diluted) in the Bank and subsequently increased its stake to 31% on July 3, 2007. Plans are underway to leverage the synergies of both BAY and GE Money in helping to achieve BAY’s vision to become the most admired universal bank in Thailand. For more information, visit the company's web site at www.krungsri.com.ABOUT GE MONEY With more than $190 billion in assets, GE Money, the consumer financial services unit of GE, is a leading provider of credit services to consumers, retailers, and auto dealers in 55 countries around the world. GE Money, based in Stamford, Connecticut (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at http://global.gemoney.com.ABOUT GE GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, and media content, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com. For media inquiries please contact: Bank of Ayudhya Mrs. Yaowalak Poolthong Head of Corporate Communications & Investor Relations Tel: 02 296 3729-30 E-mail: [email protected] GE Money Duke Theerathada - Thailand Tel: +662 627 4102 Email: [email protected] Jin Montesano - Asia Tel: +662 627 4445 or +852 9184 2857 Email: [email protected]