GE raises holding in Thailand's BAY to 31 pct http://www.reuters.com/article/companyNewsAndPR/idUSBKK23491420070702
Mon Jul 2, 2007
BANGKOK, July 2 (Reuters) - Thailand's Bank of Ayudhya PCL (BAY.BK: Quote, Profile, Research) (BAY) said on Monday a unit of General Electric (GE.N: Quote, Profile, Research) had raised its holding in the bank to 31 percent from 25.4 percent.
GE Money Bank had bought 444.7 million new BAY shares for 7.11 billion baht ($206 million) after buying the 25.4 percent stake in January, Thailand's sixth largest bank said in a statement.
The deal, which included warrant exercises, was approved by the Bank of Thailand and the Finanace Ministry, the statement said.
GE Money Bank operates retail financial services with more than 3 million customers in Thailand and will have to give up its retail banking licence. BAY, with 684 billion baht in assets and 443 billion baht in loans, is 26 percent owned by the Ratanarak family, the statement said.
On Monday, BAY shares rose 5.7 percent to 26 baht, while the Thai main index (.SETI: Quote, Profile, Research) ended 2.05 percent higher. ($1 = 34.50 Baht)
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