Bangkok--25 Jun--BAY
Bank of Ayudhya restructures its group companies approving Ayudhya Fund Management Co., Ltd. to acquire PrimaVest Asset Management Co., Ltd. A move to enhance competitiveness
Bank of Ayudhya Public Company Limited (BAY) announced that it had approved Ayudhya Fund Management Company Limited (AYF) to acquire 100% of the shares of PrimaVest Asset Management Company Limited (PrimaVest). The transaction is expected to be completed by July 2009 subject to approvals of Securities Exchange Commission (SEC) and relevant authorities.
Under the terms of the agreement, AYF will acquire 100% shares of PrimaVest, a company owned by BBTV Equity Co., Ltd. (BBTV) (50.5%), Ayudhya Allianz C.P. Pcl. (AACP) (39.5%), and BAY (10%). A total consideration of this transaction is Baht 101 million. At the same time, AYF’s shareholding structure will be adjusted to have BBTV and AACP holding approximately 13% and 10% stakes respectively while BAY will remain the major shareholder with approximately 77% shareholding.
Mr. Tan Kong Khoon, President and Chief Executive Officer, Bank of Ayudhya Public Company Limited, said, “The restructuring and streamlining of Bank of Ayudhya’s affiliates is a strategic move. It aims to enhance competitiveness of the Bank’s fund management business as well as leverage operational efficiency from better economies of scale. Meanwhile, customers of both AYF and PrimaVest will benefit from excellent services to be provided by a stronger team. In addition, a more complete range of investment products will be offered when the two companies are completely integrated”.
Mr. Chatrapee Tantixalerm, Chief Executive Officer, Ayudhya Fund Management Company Limited, said, “The acquisition of PrimaVest will allow AYF to have a wider variety of funds under management and unite investment experts into one team. Customers of both companies will not receive any impact from this acquisition and changes in shareholding structure since management policy of each fund will remain unchanged”.
Mrs. Napaporn Landy, Chief Executive Officer, PrimaVest Asset Management Company Limited, said, “The change in shareholder structure of the company will not affect customers and unit holders of PrimaVest. Investment conditions remain the same and customers still access to our investment unit trading service at PrimaVest’s office and BAY’s branches as usual. In addition, in the future they will be able to access additional services of AYF e.g., AYF Access Place, customer seminars, etc. We will keep customers of PrimaVest updated of further progress”.
As at the end of May 2009, assets under management of AYF and PrimaVest were Baht 49 billion and Baht 14 billion respectively.
ABOUT BANK OF AYUDHYA PUBLIC COMPANY LIMITED
Bank of Ayudhya Public Company Limited [symbol in SET: BAY], established on January 27, 1945, is the fifth largest commercial bank in Thailand with total assets of Baht 735 billion. BAY provides a full range of banking services to both its commercial and individual customers through 583 branches nationwide. On 3 January 2007, BAY and GE Money, a premiere global consumer financial services firm, have successfully become strategic partners. GE Money and Ratanarak Group are now major shareholders with 33% and 25% stake in BAY respectively. For more information, please visit Bank of Ayudhya website, www.krungsri.com.
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Bank of Ayudhya PCL.
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