HSBC trims operations in Asia
(1 February 2012 – Asia) HSBC Holdings has agreed to sell its retail banking and wealth management business in Thailand to Bank of Ayudhya Plc for US$112 million (A$105 million) to slash costs and retreat from retail banking in markets where it doesn't have scale.
The sale came just a day after HSBC said it was selling its businesses in Costa Rica, El Salvador and Honduras to Colombian banking group Banco Davivienda SA.
The Thailand business comprises credit card balances, loans and mortgage portfolios. Total gross assets are valued at around US$553 million.
HSBC chief executive Stuart Gulliver outlined the bank's strategy to investors in May 2011 and has since continued to pare its portfolio of retail-banking assets worldwide.
A spokesman for HSBC declined to comment on earlier reports that it is seeking buyers for its Japanese consumer banking unit only four years after starting the business.
There are also rumours HSBC is looking for buyers of HSBC Premier, its Japanese division targeting wealthy individuals in Japan.
HSBC is trimming its operations in Japan, South Korea, Thailand and other Asian countries to cuts assets to prepare for tighter capital rules.
The Thailand business comprises credit card balances, loans and mortgage portfolios. Total gross assets are valued at around US$553 million.
HSBC chief executive Stuart Gulliver outlined the bank's strategy to investors in May 2011 and has since continued to pare its portfolio of retail-banking assets worldwide.
A spokesman for HSBC declined to comment on earlier reports that it is seeking buyers for its Japanese consumer banking unit only four years after starting the business.
There are also rumours HSBC is looking for buyers of HSBC Premier, its Japanese division targeting wealthy individuals in Japan.
HSBC is trimming its operations in Japan, South Korea, Thailand and other Asian countries to cuts assets to prepare for tighter capital rules.
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