Bangkok--8 Apr--Bank of Ayudhya
The acquisition grows BAY’s loan portfolio by Baht 21.9 billion.
Bank of Ayudhya Public Company Limited (BAY) today announced that it has completed its acquisition of AIG Retail Bank Public Company Limited and AIG Card (Thailand) Company Limited, subsidiaries of American International Group, Inc., following the share purchase agreement announced on February 5, 2009. The value of the transaction is Baht 1.605 billion.
BAY’s acquisition of both entities resulted in an increase of Baht 32.8 billion in the Bank’s assets, Baht 21.9 billion in loan, Baht 18.6 billion in deposit, and approximately 222,000 credit cards.
Mr. Tan Kong Khoon, President and Chief Executive Officer, Bank of Ayudhya Pcl., said, “We are pleased that the acquisition of AIG Retail Bank and AIG Card (Thailand) is completed within the planned timeframe. This transaction brings BAY’s consumer loan portion from 32% to 36% of the bank’s total loan portfolio. It also re-emphasizes the Bank’s strategy in its inorganic growth as well as organic growth”.
“Going forward, the Bank will integrate both companies’ operating systems into the Bank and its subsidiary. However, customers of AIG Retail Bank and AIG Card (Thailand) will not be impacted by this transition. They can still contact the same offices to do transactions and receive excellent service as usual.”, said Mr. Tan Kong Khoon.
For more information please contact:
Corporate Communications DepartmentTel : 0 2296 2443-7
Fax : 0 2683 1271