HSBC’s Thai retail banking business is rumoured to be up for sale, as part of a restructuring plan for its global retail operations. When asked if a sale was on the cards, a Hong Kong-based spokesperson said “We do not comment on market rumour or speculation.”
Under chief executive officer Stuart Gulliver’s leadership, however, the bank has been trying to transform itself from an unwieldy, bureaucratic organisation into a leaner bank with a focus on profitability. In August, it said it would cut 30,000 jobs worldwide as part of the overhaul.
Since holding its strategy day in May, the bank has made it clear to investors...
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