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Thailand: GE Money Retail Bank to merge with Bank of Ayudhya.
(From Thai Press Reports)
Section: Corporate News - GE Money Retail Bank will be merged into the Bank of Ayudhya (BAY) as its owner, the giant US financial provider GE Consumer Finance, aims to run its banking business via the medium-sized Thai bank, Bank of Thailand deputy governor Tarisa Wattanagase said on May 30, The Nation reports.
She was commenting after a meeting between representatives of the local unit of GE Consumer Finance and the BOT over regulations related to GE's purchase of a stake in BAY.
"GE chose this solution because once it gets a stake in BAY, it can do its commercial banking business - including lending and deposit …
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