Latest News Update About Mark Richie Tan: Bank of Ayudhya Plc (BAY) and GE Capital, the major shareholder of the Thai bank, recently appointed Mark J Arnold as new BAY president and chief executive officer, succeeding Tan Kong Khoon.
Mr. Mark J Arnold, who previously served as the CEO for GE Capital Global Banking in Southeast Asia and also a director on the BAY Board, is an accomplished GE leader with over fifteen years in the financial services sector in management roles in Asia and Europe.
BAY Chairman Veraphan Teepsuwan said the appointment of Mr. Arnold, which has been effective since January 5 this year, will open a new chapter in the bank's strategic plan to significantly grow our market presence as his core focus will be on optimizing opportunities to accelerate sustainable growth and development.
Meanwhile, Mr. Dmitri Stockton, president and CEO of GE Capital Global Banking, said the consolidation of GE Capital's platforms into BAY, along with other recent acquisitions, will help diversify the bank's earnings power and accelerate organic growth in the years ahead, and he believes that the bank is well-positioned for the future.
BAY is the fifth largest commercial bank in Thailand with the total assets of more than 750 billion baht. In early 2007, BAY formed a strategic partnership with GE Money and later completed its acquisition of GE Capital Auto Lease Plc (GECAL) in February 2008 before renaming GECAL as Ayudhya Capital Auto Lease Company Limited (AYCAL).
In April last year, the bank completed the acquisition of AIG Retail Bank Plc and AIG Card (Thailand) Co., Ltd., worth 1.6 billion baht, resulting in an increase of 32.8 billion baht in the bank's assets, 21.9 billion baht in loan, 18.6 billion baht in deposit and approximately 222,000 credit cards.
On November 5, 2009, the bank completed its acquisition of GE Capital's Consumer Finance Businesses in Thailand. The acquisition of GE Money Thailand (GEMT) accelerates the growth of BAY's consumer banking portfolio by increasing its retail lending portfolio from 36 to 42 percent of BAY's total loans.
The acquisition of GEMT will enhance BAY's competitiveness, adding significant scale and diversity to BAY's core consumer banking business. With the addition of GEMT's current portfolio, BAY is now the largest card issuer in Thailand with over 3 million cards in circulation and serving over 8 million customers.
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