Bank of Ayudhya completed its acquisition of GE Money’s Auto leasing entity in Thailand

Following the successful execution of a share purchase agreement on 31 January 2008, Bank of Ayudhya Public Company Limited (BAY) today announced that it has completed its 100% acquisition of GE Capital Auto Lease Public Company Limited (GECAL), a wholly-owned subsidiary of General Electric Capital Asia Investments, Inc. The value of the transaction is THB16.18 billion, and resulted in THB80.3 billion assets being transferred to BAY.

GECAL is the second largest auto financial solutions provider in Thailand, with total assets of THB80.3 billion and loan portfolio of THB79.3 billion. The deal of GECAL by BAY multiplies the strengths of both companies providing Thai consumers with access to a full range of financial solutions. The acquisition immediately grows BAY's loan portfolio by 18%.