While consumers can expect new innovations following the American financial services group's acquisition, people at BAY are also excited about the future.

Who wouldn't be? The Thai banking industry has been highly competitive in recent years. Having a competent partner with international experience will certainly come in handy.

Among the most excited was BAY first senior executive vice president Charlotte Dhonavanik. While her secretary and PR staff hit the phones yesterday, contacting reporters for a press conference, she managed to dial up some reporters herself. On the phone, she specifically instructed the reporters to prepare themselves for front-page news.

Attending the press conference would be Krit Ratanarak, a major shareholder in BAY who has been keeping a low profile for years. Given that it has been so hard to talk to him face to face, reporters prepared themselves for a couple stories at least: on the deal that should have been signed yesterday, and perhaps another on the curtain coming down on the Rattanarak family's control in the bank. Many had in mind a story on how the event would reshape the banking industry.

Charlotte also told the reporters to bring a few photographers - the customary handshake photos would be really nice for today's papers.

On the phone, she said there should be no problem with GE Capital's proposal to hold above the statutory limit of 25 per cent in BAY. She said caretaker Finance Minister Thanong Bidaya was expected to approve the proposal yesterday morning and then the press conference could be held in the afternoon.

Her voice was bright and cheerful - she did not expect any complications. However, Thanong, being just a caretaker finance minister, was apparently unsure of his authority on this issue. He said he would need to seek the Cabinet's consent. Apparently he is afraid he might be left alone to deal with any repercussions if he approves the arrangement. It's always better to have others around to shoulder the burden, if any.

Thanong's reaction was certainly a great disappointment to BAY. Charlotte was of course one of the most upset. Only one reporter was able contact her after Thanong announced his decision, but Charlotte did not say much. Later calls were forwarded to her secretary or PR office.

Hopefully, the disappointment will not drain all her energy as she will need all her strength when the deal eventually goes through.

A press conference without her exuberance would be so dull.

achara_d@nationgroup.com