HSBC sells Thailand retail arm to local bank Ayudhya

27 Jan 2012

HSBC is selling its retail division in Thailand to Bank of Ayudhya, one of the country’s biggest lenders.

It is the latest move in the global bank’s strategy of concentrating on its core assets.

Bank of Ayudhya has agreed to buy HSBC’s retail and wealth management arms in Thailand for Bt3.557bn ($113.4m), it said on Wednesday. The deal was announced only a day after HSBC agreed to ...

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