HSBC sells Thai retail business to Bank of Ayudhya

HSBC finally sold off its Thai retail banking business to Bank of Ayudhya on Wednesday, the last day of the lunar new year holiday in Hong Kong.

Bank of Ayudhya, Thailand’s fifth-biggest lender by assets, agreed to pay Bt3.6 billion $112 million for the business, which includes credit cards, personal loans, mortgages and deposits for both retail and wealth management clients.

The sale is part of HSBC’s global restructuring, in which it plans to cut 30,000 jobs worldwide during the next two years and refocus on growth markets where it has scale. It had originally planned to close a deal to sell the Thai business to...