HSBC has sold its Thai retail banking and wealth management business to Bank of Ayudhya Public Company, as it continue to dispose of its non-core businesses overseas.
Date: Feb 3, 2012
HSBC has sold its Thai retail banking and wealth management business to Bank of Ayudhya Public Company, as it continue to dispose of its non-core businesses overseas.
While HSBC didn't include a sale price for the division – saying that the gross assets being sold are worth Bt17.5 billion (roughly US$553 million) – Bank of Ayudhya announced that its acquisition represents an investment of Bt3.56 billion.
HSBC said that the disposal was subject to regulatory approvals but expects it to complete within the first half of this year.
Over the last two months, the bank has already sold some of its operations in Japan, Malta and Central America.
