HSBC closes Thai equities business

Third bank in a year to quit Thai brokerage.

HSBC has become the latest international bank to close its equities business in Thailand The British bank is keeping tight-lipped about the reasons for the closure but the decision comes amid a continuing restructuring of its global equities business

Indeed, the decision to close did not come as much of a surprise to rival brokers, who say that HSBC was never a significant player Of the 36 brokerages trading on the Stock Exchange of Thailand HSBC ranked rock-bottom before it finally pulled the plug on the business on Thursday, making 15 staff redundant

Nevertheless, broking is still good business for those players that remain committed Market volume was close to $1 billion in 2003 and...

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