The Hongkong and Shanghai Banking Corporation Limited, an indirect wholly owned subsidiary of HSBC Holdings plc, has entered into an agreement to sell its Retail Banking and Wealth Management business in Thailand to Bank of Ayudhya Public Company Limited ("BAY").
The value of the gross assets being sold was approximately THB17.5bn (approximately US$553m) at 31 December 2011.
The transaction, which is subject to various conditions, including regulatory approvals and approval by the shareholders of BAY, is expected to complete during the first half of 2012 and represents further progress in the execution of HSBC's strategy outlined at the Investor Day in May 2011.
