Bank of Ayudhya
Bank of Ayudhya (SET: BAY), trading as 'Krungsri', is ~77% owned by Mitsubishi UFJ Financial Group (MUFG), Japan's largest bank. FY2024 assets ~THB 2.7T. The franchise is anchored by Thailand's strongest consumer-finance business: Krungsri Auto is the largest auto-finance operator, Krungsri Card is a leading credit-card issuer, and Ngern Tid Lor (spun off as NTL in 2021) was the title-loan subsidiary. MUFG uses BAY as its ASEAN consumer-finance platform; BAY's capital and strategic priority trace back to MUFG's Asian growth plans.
Snapshot
Headline numbers a buyer checks first.
FY2024 total assets
~THB 2.7T
FY2024
Parent
MUFG Bank (Japan, ~77%)
Current
Brand
Krungsri
FY2024
Consumer-finance leaders
Krungsri Auto · Krungsri Card
FY2024
Listing
SET: BAY
1977
What this company actually does
Bank of Ayudhya combines a full commercial bank with consumer-finance specialisation unmatched by domestic peers. Krungsri Auto is the largest vehicle-financing operator in Thailand, Krungsri Card is a top-3 credit-card issuer, and Krungsri's personal loans, hire-purchase platforms together make it the consumer-credit leader. MUFG (majority owner since 2013) uses BAY as the ASEAN consumer-finance platform for the Japanese group.[]
The strategic upside for BAY equity tracks MUFG's regional capital allocation. Japan's largest bank has been expanding in Southeast Asia through majority stakes: Bank Danamon (Indonesia), Vietinbank (Vietnam minority), Security Bank (Philippines minority), and BAY (Thailand majority). Any re-weighting toward Indonesia or Vietnam would be visible in BAY's capital availability and growth trajectory 12–24 months ahead. Conversely, MUFG upweighting Thailand would be a direct equity-performance driver.[]
Business segments
Consumer finance
Krungsri Auto — largest auto-finance
Thailand's largest vehicle-financing operator. New and used car hire-purchase; motorcycle financing. Auto-loan volume tracks Thai new-car-sales cycle. Largest single segment contribution to BAY consumer-finance earnings.
Consumer finance
Krungsri Card — top-3 credit card
Top-3 Thai credit-card issuer. Revolving credit, instalment programme, rewards tied to Krungsri ecosystem. Margin: net-interest income on revolving balances plus interchange. Competition from KBANK, KTB, SCB intensifying on rewards.
Commercial banking
Corporate, SME lending — MUFG linkage
Commercial banking for Thai corporates and Japanese multinationals operating in Thailand. MUFG parent linkage channels Japanese FDI client banking through Krungsri. Full commercial banking services: trade finance, FX, cash management.
Insurance
Allianz Ayudhya bancassurance
Life and non-life insurance distribution via Allianz Ayudhya JV (Allianz SE ~51%). Bancassurance fee income from Krungsri branch-network product sales. MUFG-Allianz relationship adds cross-border insurance partnership depth.
Watchpoints for the next annual report
Thai Big-4 commercial banks — FY2024 comparison
Bangkok Bank (BBL)
Kasikornbank (KBANK)
SCB (SET: SCB)
Bank of Ayudhya (BAY)
Listing
SET: BAY
Total assets (FY2024)
~ $78.3B
Specialty franchise
Consumer finance; Krungsri Auto, Card
Key shareholder
MUFG Bank ~77%
| Bank | Listing | Total assets (FY2024) | Specialty franchise | Key shareholder |
|---|---|---|---|---|
| Bangkok Bank (BBL) | SET: BBL | ~ $115.9B | Corporate, international; BLA bancassurance | Sophonpanich family ~23% |
| Kasikornbank (KBANK) | SET: KBANK | ~ $110.1B | Retail, SME; MTL bancassurance | Lamsam family ~25% |
| SCB (SET: SCB) | SET: SCB | ~ $107.2B | Digital; FWD bancassurance; SCBX fintech | Crown Property Bureau ~23% |
| Bank of Ayudhya (BAY) | SET: BAY | ~ $78.3B | Consumer finance; Krungsri Auto, Card | MUFG Bank ~77% |
Related Market profiles
Peers, parents, partners, agencies, and other Banking actors.
Competitor
Kasikornbank
Top-4 with strong retail, SME franchise.
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Competitor
TMBThanachart Bank
Merged mid-cap with ING partner.
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Sector peer
Bank for Agriculture and Agricultural Cooperatives
State-owned agricultural development bank; ~ $58B assets; primary lender to Thai farmers, agricultural cooperatives.
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Sector peer
Bangkok Bank
Largest Thai commercial bank by assets — $130.4B FY2024, only Thai bank with an ASEAN regional consumer-banking franchise via Permata Bank Indonesia.
Open Market profile →
Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Bank of Ayudhya PCL (SET: BAY) FY2024 Form 56-1 One Report
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Bank of Ayudhya PCL (SET: BAY) FY2024 Form 56-1 One Report | Bank of Ayudhya PCL | Primary | 2025-03-31 |
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