The News report quoted financial market sources as saying that Mitsubishi UFJ Financial Group, Inc. (TSE:8306) had offered to acquire General Electric Company’s (NYSE:GE) 25.3% stake in Bank of Ayudhya Public Company Limited (SET:BAY) for THB 40 per share. According to the news report, the sale would be worth almost THB 62 billion. Others bidders include Khazanah Nasional Berhad. Shares in Bank of Ayudhya rose by 0.7% at THB 36 after the local newspaper reported about Mitsubishi’s offer.

Bank of Ayudhya Public Company Limited reported consolidated and parent earnings results for the first quarter ended March 31, 2013. For the quarter on consolidated basis, the company reported net profit of THB 4,045,435,000 or THB 0.67 earnings per share against THB 3,430,082,000 or THB 0.56 earnings per share a year ago. Interest income, net was THB 10,601,914,000 against THB 9,379,977,000 a year ago. Profit from operating before income tax expenses was THB 5,038,857,000 against THB 4,461,590,000 a year ago. For the quarter on parent basis, the company reported net profit of THB 1,641,853,000 or THB 0.27 earnings per share against THB 1,094,795,000 or THB 0.18 earnings per share a year ago. Interest income, net was THB 5,189,157,000 against THB 4,773,883,000 a year ago. Profit from operating before income tax expenses was THB 1,975,589,000 against THB 1,366,657,000 a year ago. The company reported consolidated and parent impairment changes for the first quarter ended March 31, 2013. For the quarter, on consolidated basis, the company reported impairment loss of loans and debt securities was THB 3,080,735,000 against THB 2,712,507,000 a year ago. For the quarter, the parent company reported impairment loss of loans and debt securities was THB 900,000,000 against THB 1,425,009,000 a year ago.

Bank of Ayudhya Public Company Limited seeks joint venture partners in Laos, Cambodia, and Myanmar. Bank of Ayudhya Public will form a joint venture in Laos to operate consumer-finance business including auto loans and will operate separately. Bank of Ayudhya Chief Executive Officer Janice Van Ekeren said that they will announce detail of joint venture in second quarter of 2013. Janice Van Ekeren added that the bank is seeking a partner in Cambodia to set up a joint venture. The details of the joint venture in Cambodia will be known in 2014. Bank of Ayudhya will hold majority stakes in the joint-venture companies. Bank of Ayudhya is looking for greater opportunities in Myanmar and is awaiting a license from the central bank of Myanmar to open a representative office.