Nov 29 (Reuters) - Japan’s biggest bank Mitsubishi UFJ Financial Group is among the suitors to submit preliminary bids for General Electric’s (GE) $1.5 billion stake in Thailand’s fifth-largest lender, Bank of Ayudhya , sources said.
GE received “multiple” bids last week for its 25.3 percent stake in Bank of Ayudhya, one source with direct knowledge of the matter told Reuters, adding that short-listed parties may put in second-round bids after Christmas.
Morgan Stanley, which is advising GE on the stake sale, declined to comment.
MUFG and a Singapore-based GE Capital spokesman also declined to comment. The sources declined to be identified because the auction process is not public.