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.
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Over the last two months, the bank has already sold some of its operations in Japan, Malta and Central America.
BC
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