Reuters: Ge Eying Sale Of Bank Ayudhya Stake, Same For Ing & Tmb

(Reuters) - General Electric Co has hired Morgan Stanley to review its 33 percent stake in Thailand's Bank of Ayudhya Pcl, which could potentially lead to a sale by the U.S. conglomerate of its near $2.2 billion holding, sources familiar with the matter said.

The stake sale has been a constant source of media speculation since GE (GE.N) started to shrink its businesses. This is the first time the company has formally given a mandate for a review, underscoring the seriousness with which it wants to explore its options.

GE acquired the Bank of Ayudhya BAY.BK stake in 2007, investing 22.3 billion baht, or $626 million based on the then exchange rate, in Thailand's No.5 lender.

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GE's review of the Bank of Ayudhya stake comes as ING Groep NV (ING.AS) explores the sale of its 31 percent holding in Thailand's TMB Bank Pcl TMB.BK, valued at around $756 million.

ING, which is selling assets to help repay a 2008 rescue by the Dutch government, has also hired an investment bank to help find a buyer for its TMB Bank stake, the sources previously told Reuters.

ING bought the stake in Thailand's seventh-largest lender in 2007 for 460 million euros ($607 million). The Thai government also owns 26.1 percent of TMB, and had said in the past that it wants to sell its entire stake.

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