Citi Research maintained its 'buy' rating on Bank of Ayudhya
Pcl after Thailand's fifth-largest lender appointed CFO
Janice Van Ekeran as its new CEO, pending regulatory approval.
Mark John Arnold, the bank's CEO, is leaving by year-end to
pursue other interests in Europe, the Thai bank said in a
statement on Tuesday.
"Khun Janice has been with BAY for six years with prior
experiences in GE Money in the US. The Board also promoted
Phillip Tan, ex-CEO of GE Money Thailand, current Chairman of
Krungsri Auto, and Head of e-business, as the new President,"
the broker said in a report dated Nov. 29.
"The appointment of strong GE executives with local
background highlights that business momentum should remain
steady. We view the appointments as a positive to calm the
market concerns after Khun Mark Arnold resigned earlier this
The broker kept its target price on the stock at 38 baht. As
of 1002 (0302GMT) Bank of Ayudhya shares were up 2.5 percent at