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Bank of Ayudhya to Acquire AIG Retail Bank and AIG Card Thailand.

Publication: Investment Weekly News
Publication Date: 21-FEB-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Bank of Ayudhya Public Company Limited (BAY) and American International Group, Inc. (AIG) announced an agreement under which BAY will acquire AIG Retail Bank Public Company Limited and AIG Card (Thailand) Company Limited. The transaction, subject to the approval of the Bank of Thailand and BAYEs shareholders, is expected to be completed in April 2009.

Under the terms of the agreement, BAY will acquire 99.5 percent of the shares of AIG Retail Bank and 100 percent of AIG Card (Thailand) for a total consideration of Baht 2.055 billion or US $58.7 million (subject to closing valuation adjustment). In addition, inter-company loans totaling US $477 million from AIG will be repaid at closing.

The combined assets of the two...

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