GE Capital buys 25% of Thai bank

GE Capital Asia Pacific, a unit of General Electric, has bought a 25%stake in Bank of Ayudhya in a deal worth $419 mn.

GE Capital Asia Pacific, a unit of US conglomerate General Electric, has bought a 25 per cent stake in Thailand's Bank of Ayudhya in a deal worth $419 million, the bank said on Thursday.

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The US financial giant will acquire about one billion shares in Thailand's sixth-largest bank at 16 baht each, the bank said in its filing to the Stock Exchange of Thailand.

"The deal is subject to final approval from the bank's board of director's meeting," it said.

Before the transaction, foreign investors already owned 32 per cent of the shares in Bank of Ayudhya.