Two suitors for BAY | Bangkok Post: business

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Two suitors for BAY

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  • Online news: News
  • Writer: Bloomberg News
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Oversea-Chinese Banking Corp of Singapore and CIMB of Malaysia are considering bidding for General Electric's $1.6-billion stake in Thailand's Bank of Ayudhya Plc (BAY), according to three sources with knowledge of the matter. 

The two lenders have signed non-disclosure agreements that allow them to examine in closer detail the accounts of the Thai bank, said the sources, asking not to be identified as the process is private.

US-based GE's finance unit currently owns 25% of BAY, the country's fifth-largest lender, after selling a 7.6% stake to institutional investors last month. It said at the time that it was reviewing strategic options for its remaining holding.

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