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Thai bank bought retail billion-dollar HSBC


According to media reports, HSBC has sold its retail network in Thailand, the local Bank of Ayudhya (BAY) for 1-1.3 billion dollars.

HSBC was founded in 1865 in Hong Kong to finance trade between China and Europe. Originally was called the Hongkong and Shanghai Banking Corporation.

The transaction will be completed after approval by the National Bank of Thailand in January 2012.

Bank of Ayudhya will own an additional portfolio of retail loans and approximately 500 thousand credit cards. The number of cardholders Bank of Ayudhya in Thailand for about 4 million people.

After appearing in the media about the possible purchase of Bank of Ayudhya retail HSBC, the bank's shares on the Thai stock market in Bangkok rose 1.8 percent.