Arnold appointed President of Bank of Ayudhya

Mr Mark Arnold succeeds Bank of Ayudhya's former President and CEO, Mr Tan Kong Khoon. He had announced his wish to step down from his role on 31 December 2009 as his term expires early 2010.

An accomplished GE leader with over fifteen years in the financial services sector in management roles in Asia and Europe, Mr Arnold will bring considerable expertise and GE best practices to the Bank. Presently based in Bangkok where he previously served as CEO for GE Capital Global Banking in Southeast Asia and as a Director on the BAY Board, Mr Arnold's familiarity with the Bank and its management team will help to ensure a seamless transition process.

"Carrying on the foundation established by KK Tan and the BAY management over the past three years, Khun Mark's appointment opens a new chapter in our strategic plan to significantly grow our market presence. Khun Mark's core focus will be on optimising opportunities to accelerate sustainable growth and development and I am confident that under his leadership, the Bank will continue to strengthen its competitive advantage," stated Mr Veraphan Teepsuwan, BAY Chairman.

Commenting on the appointment, Mr Dmitri Stockton, President and CEO of GE Capital Global Banking said, "The consolidation of our platforms into BAY, along with other recent acquisitions will help diversify the bank's earnings power and accelerate organic growth in the years ahead. We are excited about BAY's growth prospects and believe that the Bank is well-positioned for the future."

"Now is an exciting time to be joining BAY," said Mr Arnold. "I look forward to working with the management team to maximise the synergies we see across the portfolio to create even greater value for BAY's customers, employees and shareholders," he said.

Prior to heading GE Capital Global Banking in Southeast Asia, Mr Arnold served as Chairman and CEO for Budapest Bank, GE Money's Bank in Hungary from 2004 to 2008 and as CEO of GE Consumer Finance and GE Commercial Finance Fleet Services Portugal from 2001 to 2004.