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Thailand's Bank of Ayudhya to sell 50% stake in microfinance unit

Bank of Ayudhya PCL is selling a 50% stake in its microfinance arm to a consortium led by CVC Capital Partners Asia Fund IV and Equity Partners Ltd.

The Thai lender said Oct. 8 that it will sell the stake in Ngern Tid Lor Co. Ltd. to Siam Asia Credit Access Pte. Ltd., which is ultimately owned by the consortium. It did not disclose financial details of the transaction.

Ngern Tid Lor provides credit and insurance solutions to underbanked and self-employed people in Thailand. The company operates through 750 branches and has outstanding loans of 24.6 billion baht.

The transaction is subject to completion of conditions and regulatory approvals. Bank of Ayudhya appointed ING Bank NV as exclusive financial adviser for the deal.

Bank of Ayudhya is a unit of Japan's Mitsubishi UFJ Financial Group Inc.

As of Oct. 8, US$1 was equivalent to 33 Thai baht.