The new director of Bank of Ayudhya (BAY), Tan Kong Khoon, will likely be appointed its new CEO, replacing Ekasak Puripol at the end of next month.

Reuters reported that Tan, who currently serves as Standard Chartered Bank's head of consumer banking for China and Hong Kong, would resign from the UK-based bank at the end of this month.

Reuters also quoted a source as saying Tan would be appointed BAY's CEO on March 1, although GE Money has declined to comment.

Charlotte Dhonavanik, first senior executive vice president at BAY, said only that the bank's management team would be restructured once the bank's new CEO was appointed. She said the management restructuring would be completed this

quarter.

Another director, Janice Van Ekeren, will also reportedly be appointed BAY's chief financial officer.

He recently became a director after Pakorn Thavisin resigned.

The appointment of the two key executive positions has been widely expected, as BAY has said GE Money, now a major shareholder of BAY, would be the one to fill the two positions.

The partnership with GE Money is expected to bring about significant management restructuring in the sixth-largest bank.

The new management structure reportedly entails that each core business unit of the Thai bank be supervised by a head, creating a flat organisational structure. Since the president's post will be eliminated, incumbent Pongpinit Tejagupta will likely end up heading the bank's Banking Networks and Channels Unit.

Charlotte will probably be moved from retail banking to oversee public relations and customer-risk management.

BAY and GE completed their strategic deal on January 3. GE Capital International Holdings paid Bt16 a share for a 25.4-per-cent stake in BAY in a deal worth Bt22 billion.

GE Money Retail Bank has transferred its assets and liabilities, including deposits, home mortgages and home-equity loans, to BAY.

After the integration, GE will concentrate on the bank's retail-banking operations using the US financial firm's expertise, while BAY will focus on corporate and small and medium-sized enterprise loans.

Somruedi Banchongduang

The Nation