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Article: GE Money Acquires 25.4% Strategic Interest in Thailand's Bank of Ayudhya; Strategic Investment in Bank of Ayudhya Offers GE Money a Solid Foothold for Growth in Thailand's Retail Banking Sector.
- Article from:
- Business Wire
- Article date:
- August 28, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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BANGKOK, Thailand -- GE Money, the consumer finance unit of the General Electric Company (NYSE:GE), announced today it has reached an agreement to acquire a 25.4% interest (on a fully diluted basis) in the Bank of Ayudhya (BAY) for US$600 million. The transaction is subject to shareholder approvals.
Mr. Yoshiaki Fujimori, President and CEO for GE Money Asia, said, "This partnership will further strengthen the Thai financial market by contributing to economic growth and offering more competitive options for both Thai consumer and commercial customers. The combination of BAY's performance history and local banking experience and GE's global expertise and business ...