Bank of Ayudhya to Appoint New President & CEO
Mr. Tan Kong Khoon confirms intention to step down at year end.
BANGKOK [November 25, 2009] : Bank of Ayudhya PCL (BAY) today announced that it has commenced the process of seeking regulatory approval for a new President and CEO. The appointee, to be announced upon regulatory approval, will replace Mr. Tan Kong Khoon who has formally expressed his intention to step down on December 31, 2009, to pursue opportunities outside of BAY, ending a successful three-year tenure with the Bank.
“The Bank has a clear succession plan in place and is now in the process of seeking the required regulatory approvals prior to announcing its new President and CEO,” said BAY Chairman, Mr. Veraphan Teepsuwan. “Immediately upon receiving the necessary regulatory approval, BAY will announce its new leader, who will deliver continuing good results based on the Bank’s plans for future growth and development.” he added.
Commenting on the achievements of BAY’s outgoing leadership, Mr. Veraphan said, “Over the past three years, Khun Tan Kong Khoon has led the Bank through an important transition phase. The BAY management team under his leadership has significantly strengthened the foundation of the bank for future growth. Besides executing on acquisition opportunities to grow and diversify BAY’s loan portfolio, they recently delivered the bank’s highly respectable quarterly earnings results. I’d like to take this opportunity to thank Khun Tan Kong Khoon for his contributions to BAY and wish him well in his future endeavors,” he said.
About Bank of Ayudhya Public Company Limited
Bank of Ayudhya Public Company Limited [symbol in SET: BAY], established on January 27, 1945, is the fifth largest commercial bank in Thailand with total assets of Baht 751 billion. BAY provides a full range of banking services to both its commercial and individual customers through 573 branches nationwide. On 3 January 2007, BAY and GE Money, a premiere global consumer financial services firm, have successfully become strategic partners. GE Money and Ratanarak Group are now major shareholders with 33% and 25% stake in BAY respectively. For more information, please visit Bank of Ayudhya website,
www.krungsri.com.