BAY Jumps 5% following Reports of a Successful Bid for Citigroup’s Thai Retail Business

The share price of Bank of Ayudhya Public Company Limited (SET: BAY) rose THB1.75/share or 5.00% to THB36.75/share as of 15.26 hrs. local time in Thailand, with a trading value of THB183 million.

This upbeat movement of Bank of Ayudhya Pcl., or BAY, came following the report that U.S. lender Citigroup Inc. has chosen Bank of Ayudhya as its preferred bidder for its consumer assets in many key Asian markets amid its earlier plan to divest several of its units throughout APAC regions, according to Bloomberg.

BAY has been picked as the leading bidder to buy Citi’s retail assets in Thailand, according to the Bloomberg report. Bloomberg cited people familiar with the matter said, in coming weeks both parties would negotiate terms of deal and transaction value could be about US$2 billion.

BAY is Thailand’s fifth largest universal bank in terms of assets, loans, and deposits. Through its subsidiaries and joint ventures, BAY provides related financial services such as wealth management, non-life insurance, asset management, securities trading, auto hire purchase, microfinance, and installment loans, with a focus on credit cards and personal loans.