GE Money to Increase Shareholding in Bank of Ayudhya to 31%

Bank of Ayudhya Public Company Limited (BAY) today announced that GE Money (representing GE Capital International Holdings Corporation), one of its major shareholders, upon receiving the requisite approval from the Bank of Thailand and Ministry of Finance, has increased its shareholding in BAY to 31%, on a fully diluted basis, as approved by BAY shareholders last year. GE Money subscribed for 444.7 million newly issued shares, representing a further investment in BAY of Bht 7.115 billion (approximately US$ 200 million). This further strengthens the bank’s capital adequacy ratio (CAR) to 19%.

Bank of Ayudhya Chairman of the Board, Mr. Veraphan Teepsuwan said, “We have reached another key milestone in our strategic partnership with GE Money, which is moving swiftly ahead as planned, and I am confident that the Bank will continue to draw benefits from this partnership. I believe other shareholders see this as another positive move for the bank. The Ratanarak family having 26% stake also welcomes this and remains fully supportive of the bank.”

GE Money Asia President and CEO Mr. Yoshiaki Fujimori said, “We are very pleased to be making this deeper commitment to the Bank. Our desire to increase GE Money’s shareholding in the Bank of Ayudhya reflects our unwavering confidence in BAY, the future of Thailand’s banking sector, and the long-term prospects of the country itself. We view the Ministry’s approval of the additional investment as a strong signal of the Government’s support for foreign direct investment. GE looks forward to further accelerating its partnership with BAY.”

Bank of Ayudhya President and CEO Mr. Tan Kong Khoon said, “I am delighted by the strong support we continue to receive from our major shareholders. This capital increase provides management with more flexibility for the growth plan of the Bank of Ayudhya. I am confident that, with this strengthened partnership, we are on track to achieving our vision to become Thailand’s most admired bank.”

Following an approval of the bank's shareholders at its Extraordinary Meeting of Shareholders held on 20 September 2006 (EGM Resolution No. 1-2549), GE has the right to increase its stake in BAY to up to 2 billion shares subject to necessary government approvals. On 3 January 2007, GE acquired an initial 1.391 billion shares equivalent to 25.4% interest in the Bank of Ayudhya. The current investment is made in accordance with the terms of the approval given by the bank's shareholders. That approval allows GE to subscribe for new shares at 16 baht per share up to the end of the third quarter of this year.

About Bank of Ayudhya Public Company Limited

Bank of Ayudhya Public Company Limited [SET:BAY], established on January 27, 1945, is the sixth largest commercial bank in terms of total assets in Thailand. BAY provides a full range of banking services to both its commercial and individual customers through 562 branches nationwide. On January 2007, BAY and GE Money, a premiere global consumer financial services firm, have successfully become strategic partners when GE Money took a 25.4% equity stake (fully diluted) in the Bank and plans are underway to leverage the synergies of both BAY and GE Money in helping to achieve BAY’s vision to become the most admired universal bank in Thailand.

ABOUT GE MONEY

With more than $190 billion in assets, GE Money, the consumer financial services unit of GE, is a leading provider of credit services to consumers, retailers, and auto dealers in 55 countries around the world. GE Money, based in Stamford, Connecticut (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at http://global.gemoney.com

ABOUT GE

GE (NYSE:GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, and media content, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com