HSBC sells Thai retail business to Bank of Ayudhya

Bank of Ayudhya agrees to pay $112 million for HSBC’s Thai retail banking business.

HSBC sells Thai retail business to Bank of Ayudhya

HSBC finally sold off its Thai retail banking business to Bank of Ayudhya on Wednesday, the last day of the lunar new year holiday in Hong Kong.

Bank of Ayudhya, Thailand’s fifth-biggest lender by assets, agreed to pay Bt3.6 billion $112 million for the business, which includes credit cards, personal loans, mortgages and deposits for both retail and wealth management clients.

The sale is part of HSBC’s global restructuring, in which...

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