Bangkok--5 Jan--Bank of Ayudhya
New leadership to drive next stage of sustainable growth
Bank of Ayudhya PCL (BAY) and GE Capital (NYSE: GE) today announced the appointment of Mr. Mark Arnold as President and CEO of the Bank of Ayudhya, effective January 5, 2010, following regulatory approval. Mr. Arnold succeeds BAY’s former President & CEO, Mr. Tan Kong Khoon, who as previously announced, wished to step down from his role on December 31, 2009 as his term expires early 2010.
An accomplished GE leader with over fifteen years in the financial services sector in management roles in Asia and Europe, Mr. Arnold, will bring considerable expertise and GE best practices to the Bank. Presently based in Bangkok where he previously served as CEO for GE Capital Global Banking in Southeast Asia and as a Director on the BAY Board, Mr. Arnold’s familiarity with the Bank and its management team will help to ensure a seamless transition process.
Mr. Veraphan Teepsuwan, Chairman of BAY’s Board of Directors stated, “Carrying on the foundation established by KK Tan and the BAY management over the past three years, Khun Mark’s appointment opens a new chapter in our strategic plan to significantly grow our market presence. Khun Mark’s core focus will be on optimizing opportunities to accelerate sustainable growth and development and I am confident that under his leadership, the Bank will continue to strengthen its competitive advantage.”
Commenting on the appointment, Mr. Dmitri Stockton, President and CEO of GE Capital Global Banking said, “The consolidation of our platforms into BAY, along with other recent acquisitions will help diversify the bank’s earnings power and accelerate organic growth in the years ahead. We are excited about BAY’s growth prospects and believe that the Bank is well-positioned for the future,” he said.
“Now is an exciting time to be joining BAY”, said Mr. Arnold, commenting on his appointment. “I look forward to working with the management team to maximize the synergies we see across the portfolio to create even greater value for BAY’s customers, employees and shareholders”, he said.
Prior to heading GE Capital Global Banking in Southeast Asia, Mr. Arnold served as Chairman and CEO for Budapest Bank, GE Money’s Bank in Hungary from 2004 to 2008 and as CEO of GE Consumer Finance and GE Commercial Finance Fleet Services Portugal from 2001 to 2004. He earned a 1st class honors degree in Economics and Management from Liverpool University in the United Kingdom.
For media inquiries please contact:
Bank of Ayudhya
Yaowalak Poolthong, Ph.D.
Head of Corporate Communications and Investor Relations
Bank of Ayudhya PCL.
Tel: 02 296 2443, 02 296 3729,
Fax: 02 683 1473
Email:
[email protected]