HSBC offloads Thai unit for $115m
HSBC has offloaded its Thai Retail Banking and Wealth Management business to Bank of Ayudhya Public Company Ltd (BAY), as it continued to dispose of its non-core businesses overseas.
HSBC has offloaded its Thai Retail Banking and Wealth Management business to Bank of Ayudhya Public Company Ltd (BAY), as it continued 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 17.5bn baht (around $553m) - the Bank of Ayudhya announced that its acquisition represents an investment of 3.56bn baht ($115m).
HSBC said that the disposal was subject to all the usual regulatory approvals but expects it to complete within the first half of this year.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Over the last two months, the bank has already sold some of its operations in Japan, Malta and Central America.
BC
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Spot the Dog: £67bn in underperforming funds revealed
Around 137 funds consistently underperformed their benchmark, BestInvest's Spot the Dog report finds. Which funds are in the dog house?
By Katie Williams Published
-
What does a BP and Shell merger mean for the UK oil industry?
BP’s struggles have made it vulnerable to a takeover. Could it merge with Shell to create a British behemoth?
By Dr Matthew Partridge Published