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Khazanah plans to purchase GE’s $1.8bn stake in Bank of Ayudhya

Malaysia's strategic investment fund Khazanah Nasional is likely to bid for General Electric's (GE) $1.8bn stake in Thai lender Bank of Ayudhya.

GE based in Connecticut said that it was seriously mulling to offload 25.3% stake in Bank of Ayudhya, but the deal could not be finalized due to price differences, as reported by Reuters.

Many global financial conglomerates including Japan’s Mitsubishi UFJ Financial Group and Kuala Lumpur-based Maybank are also vying for the stake sale.

Disposal of the remaining stake in Thai bank is part of GE’s strategy to divest non-core assets throughout the globe and concentrate on core operations.

Formed in 1945, Bank of Ayudhya operates 600 branches in Thailand, and offers credit cards, car loans and personal finance whose 29% stake was acquired by GE in 2007.