In the News: 2004

Lombard Makes Investment in Siam A&C Company Limited

PR Newswire 
14 December 2004

On December 1, the Thailand Equity Fund ("TEF") purchased approximately 25.5% of Siam A&C Company Limited ("SAC").

Founded in 1996, SAC is one of Thailand's leading consumer finance companies operating under the "Easy Buy" brand name. SAC was established as a joint venture between ACOM Co., Ltd. and certain prominent local partners. ACOM is a pioneer in the Japanese consumer finance business and currently one of the largest consumer finance companies in Japan with over JPY1.8 trillion in loans and JPY1.2 trillion in market capitalization.

SAC has a customer base of more than 1.2 million people, and as of June 2004, a loan portfolio totaling approximately Baht 10.4 billion.

Mr. Katsuhiko Madono, Managing Director of SAC, said, "The Company welcomes Thailand Equity Fund as our long-term financial partner. Through the fund's representation on the board of directors of the Company, we look forward to many years of fruitful co-operation and to sustaining strong growth."

The Thailand Equity Fund is a USD245 million private equity fund sponsored by Lombard Investments, Inc., headquartered in San Francisco, and the International Finance Corporation (IFC), part of the World Bank Group. The fund was formed with the support of the Government of the Kingdom of Thailand to make private equity investments in operationally competitive Thai businesses. Investors in the fund include the IFC, California Public Employees' Retirement System (CalPERS), Asian Development Bank, DEG (a member of Germany's KfW Group), the Ministry of Finance of the Government of Thailand, and fifteen leading Thai banks and other institutions.

"The Thai consumer finance sector is very interesting from a growth perspective. The Company has built a strong local franchise and business platform and is also led by a highly capable management team. The Thailand Equity Fund will actively assist the Company in its future growth plans," said Mr. Thomas Smith, Lombard's Managing Director in San Francisco.