OCBC, CIMB show interest in BAY
Singapore's Oversea-Chinese Banking Corp (OCBC) and Malaysia's CIMB Group Holdings Bhd emerge as potential bidders for the 25 per cent stake in Bank of Ayudhya, according to Bloomberg.
The agency quoted three people with knowledge of the matter as saying that that the two lenders have signed non-disclosure agreements that allow them to examine in closer detail the accounts of the Bangkok-based bank.
There has been significant interest from investors in the bank arising from its strong business performance so we undertook the block sale, GE Capital said in an e-mailed statement today in response to questions from Bloomberg News.
Last week GE Capital, which became BAY partner in 2007, sold a 7.6 per cent stake in the Thai bank for US$466 million or Bt14.65 billion. It is estimated the remaining 25 per cent stake will cost $1.6 billion.
GE Capital did not reveal names of the institutional investors that bought the shares.
It has been reported that Malayan Banking Bhd, Malaysia's biggest lender, is interested to acquire the 25 per cent stake.
