Bank of Ayudhya (BAY), a Thailand-based commercial bank, has announced that its subsidiary, Ayudhya Fund Management (AYF), has completed the acquisition of PrimaVest Asset Management (PrimaVest) following the share purchase agreement dated on June 24, 2009.
Reportedly, under the transaction, AYF has acquired 100% shares of PrimaVest for a total of THB101 million and adjusted shareholder structure to have BBTV Equity Co and Ayudhya Allianz CP holding 13.1% and 10.3% stakes respectively while BAY remain the major shareholder with 76.6% shareholding.
Tan Kong Khoon, president and CEO, BAY, said: “We are pleased that AYF’s acquisition of PrimaVest is completed within the planned timeframe. The restructuring and streamlining of Bank of Ayudhya’s affiliates is a strategic move. It aims to enhance the bank’s competitiveness and efficiency of fund management.”
Chatrapee Tantixalerm, CEO of Ayudhya Fund Management, said: “The acquisition of PrimaVest increases its asset under management to THB65,000 million. Customers of both companies will benefit from a more complete range of investment products that are suitable for their needs and receive excellent services from a stronger team.”
