27th January 2012
Bank of Ayudhya has agreed to purchase the Thai retail banking operations of HSBC. No purchase price was disclosed for the ThB 17.5bn (€428m £356m $554m ¥43.2bn Y3,497m) assets involved. The deal is subject to regulatory and other approvals and is expected to close next quarter.
The disposal is one of many smaller retail operations worldwide by HSBC. The new strategy for HSBC to concentrate on international banking and a handful of its largest retail operations only was announced last May.