Are Older Men in Thailand Trading Love for Financial Ruin

[TallGuyJohninBKK]

(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.

................

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.

MORE: