HSBC Hands Off Thai Banking Business For $115M

Law360, New York (January 25, 2012, 1:22 PM EST) -- The Krungsri Group and its Bank of Ayudhya PCL unit have reached a 3.5 billion baht ($115 million) deal to acquire HSBC Holdings PLC's Thai retail banking business, as HSBC continues to implement a cost-cutting strategy announced last year, the company announced Wednesday.

The deal would hand HSBC Thailand's credit card, personal loan, mortgage and deposit businesses to Bank of Ayudhya. Bank of Ayudhya is one of Thailand's oldest banks.

Krungsri said it expected the deal to grow its assets by about 17.5 billion baht, or...
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