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Bank of Ayudhya completes sale of 50% stake in microfinance unit

Bank of Ayudhya PCL completed the sale of a 50% stake in its microfinance unit Ngern Tid Lor Co. Ltd. to Siam Asia Credit Access Pte. Ltd.

The deal was completed Feb. 28, according to a same-day release.

The Thai bank said in October 2018 that it would sell the stake to Siam Asia Credit Access, which is ultimately owned by a consortium led by CVC Capital Partners Asia Fund IV and Equity Partners Ltd.

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