HSBC has sold its retail banking and wealth
management business in Thailand to Bank of Ayudhya (BAY) for an
estimated $115m.
In a statement, HSBC said value of the gross
assets being sold was approximately THB17.5bn ($553m) at 31
December 2011.
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The sale is part of HSBC’s strategy outlined
in May 2011. HSBC chief executive Stuart Gulliver wants to cut
annual costs by $3.5bn and sharpen the bank’s focus on Asia by
quitting countries or businesses where it lacks scale.
Last month, HSBC also sold its private banking
business in Japan to Credit Suisse. Assets under management at
HSBC’s Japan unit were $2.7bn as at 31 October 2011, according
to the UK bank.
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