November 30, 2012 / 3:16 AM / 5 years ago

STOCKS NEWS THAILAND-Citi maintains 'buy' on Bank of Ayudhya

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 week.”

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 31 baht.

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