GE Money to boost shares in BAY to 31 per cent

GE Money subscribed for 444.7 million newly issued shares, representing a further investment in BAY of Bt7.12 billion (approximately US$ 200 million). This further strengthens the bank's capital adequacy ratio (CAR) to 19 per cent.

"We have reached another key milestone in our strategic partnership with GE Money, which is moving swiftly ahead as planned, and I am confident that the Bank will continue to draw benefits from this partnership. I believe other shareholders see this as another positive move for the bank. The Ratanarak family having 26% stake also welcomes this and remains fully supportive of the bank," Bank of Ayudhya chairman of the board Veraphan Teepsuwan said.

GE Money Asia President and CEO Mr. Yoshiaki Fujimori said his company is confident in BAY, the future of Thailand's banking sector, and the long-term prospects of the country.

"We view the Ministry's approval of the additional investment as a strong signal of the Government's support for foreign direct investment. GE looks forward to further accelerating its partnership with BAY," Fujimori said.

Following an approval of the bank's shareholders, GE has the right to increase its stake in BAY to up to 2 billion shares subject to necessary government approvals. On January 3, 2007, GE acquired an initial 1.391 billion shares equivalent to 25.4 per cent interest in BAY.