Bank of Ayudhya completed its acquisition of CFGS

Bank of Ayudhya Public Company Limited (BAY) today announced that it has completed its acquisition of CFG Services Company Limited (CFGS), a subsidiary of American International Group, Inc., following the share purchase agreement announced on July 9, 2009. The value of the transaction is Baht 18 million baht. As of December 31, 2008, CFGS which operates business under the brand “Srisawad Money on Wheel” has total assets of approximately 2.0 billion baht and loan portfolios of approximately 1.5 billion baht. Mr. Tan Kong Khoon, President and Chief Executive Officer, Bank of Ayudhya Pcl., said, “We are pleased that the acquisition of CFGS is completed within the planned timeframe. With CFGS’s strong presence in the title loan market nationwide and being well known as Srisawad Money on Wheel, we will be able to enter into a new customer segment that is currently underserved by traditional banking products. At the same time CFGS will benefit from the strong and integrated platform of BAY and which will support growth of CFGS. CFGS or Srisawad Money on Wheel will operate as a subsidiary of BAY providing services to both new and existing customers through its 163 branch network nationwide. For media inquiries, please contact: Bank of Ayudhya Pcl. Yaowalak Poolthong, Ph.D. Head of Corporate Communications and IR Bank of Ayudhya Pcl. Tel: 02 296 2443, 02 296 3729, Fax: 02 683 1473 Email: [email protected]

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