GE deals approved

Bank of Ayudhya shareholders yesterday approved its acquisition of the assets of GE Capital in five financial businesses covering credit card and insurance services, worth a combined Bt13.97b. The meeting also approved the bank’s purchase of auto leasing assets of the AIG Consumer Finance unit, CFG Service Ltd, worth Bt18m. The acquisition would expand the bank’s retail loan portfolio from 32% of total outstanding loans currently to 42%. The bank aims to expand its consumer loan ratio to 50%by the end of 2010. (Bangkok Post)