HSBC has become the latest international bank to close its equities business in Thailand. The British bank is keeping tight-lipped about the reasons for the closure but the decision comes amid a continuing restructuring of its global equities business.
Indeed, the decision to close did not come as much of a surprise to rival brokers, who say that HSBC was never a significant player. Of the 36 brokerages trading on the Stock Exchange of Thailand HSBC ranked rock-bottom before it finally pulled the plug on the business on Thursday, making 15 staff redundant.
Nevertheless, broking is still good business for those players that remain committed. Market volume was close to $1...
