OCBC and CIMB show interest in Bank of Ayudhya

The jockeying for a share in Thailand's Bank of Ayudhya PCL now involves Singapore's largest bank and one of Malaysia's largest universal banks.

Singapore's Oversea-Chinese Banking Corporation and Malaysia's CIMB Group are considering bidding for General Electric's US$1.6 billion stake in Thailand's Bank of Ayudhya, said industry sources.

OCBC and CIMB have signed non-disclosure agreements that allow them to examine in closer detail the accounts of Bank of Ayudhya, Thailand's fifth-largest lender. GE's finance unit owns 25% of Bank of Ayudhya.

GE sold 7.6% of Bank of Ayudhya to institutional investors last month and said at the time that it was reviewing strategic options for its remaining holding. The company "continues to review strategic options for its remaining interest … and cannot comment on market speculation", the company said yesterday.

Malayan Banking Berhad (Maybank), Malaysia's biggest bank by asset size, has shelved plans to buy GE's entire stake, arguing this would not give it absolute control of the Thai bank.

Bank of Ayudhya provides banking, consumer finance, investment, asset management and other financial products and services to individual customers, SMEs, and large corporations through its branches and service outlets. It was founded in 1945.

Also Read

Krungthai Bank temporarily closes 4 branches due to floods

Bank Negara Malaysia releases policy document on claims settlement practices

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit