HSBC closing down in Thailand

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HSBC, Europe’s largest bank, will withdraw from consumer banking in Thailand, South Korea, and Japan, the company announced in a note to its customers. In Thailand, HSBC will close its two branches in Bangkok by March 31, 2012, and June 30, 2012, respectively. The consumer business in Thailand will be sold to the Bank of Ayudhya, a member of Krungsi Group.

“Following a strategic business review of HSBC’s operations around the world, the HSBC Group has decided to reshape its business in Thailand to focus on its corporate banking business. Consequently, we have agreed to sell our retail banking and wealth management business in Thailand to Krungsri Group,” Matthew Lobner, CEO of HSBC Thailand, said.

As part of the closing, all personal loans, mortgages, and other retail banking portfolios including retail credit cards and deposits will be moved to Krungsri Group. The transfer of all portfolios is expected to be completed by the end of 2012.

In a move to reshape its international business, HSBC will also close its retail branches in Japan and South Korea. Other countries where HSBC discontinues its operations are Costa Rica, El Salvador, and Honduras.

 

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Reading Time: 1 minute

HSBC, Europe’s largest bank, will withdraw from consumer banking in Thailand, South Korea, and Japan, the company announced in a note to its customers. In Thailand, HSBC will close its two branches in Bangkok by March 31, 2012, and June 30, 2012, respectively. The consumer business in Thailand will be sold to the Bank of Ayudhya, a member of Krungsi Group.

Reading Time: 1 minute

HSBC, Europe’s largest bank, will withdraw from consumer banking in Thailand, South Korea, and Japan, the company announced in a note to its customers. In Thailand, HSBC will close its two branches in Bangkok by March 31, 2012, and June 30, 2012, respectively. The consumer business in Thailand will be sold to the Bank of Ayudhya, a member of Krungsi Group.

“Following a strategic business review of HSBC’s operations around the world, the HSBC Group has decided to reshape its business in Thailand to focus on its corporate banking business. Consequently, we have agreed to sell our retail banking and wealth management business in Thailand to Krungsri Group,” Matthew Lobner, CEO of HSBC Thailand, said.

As part of the closing, all personal loans, mortgages, and other retail banking portfolios including retail credit cards and deposits will be moved to Krungsri Group. The transfer of all portfolios is expected to be completed by the end of 2012.

In a move to reshape its international business, HSBC will also close its retail branches in Japan and South Korea. Other countries where HSBC discontinues its operations are Costa Rica, El Salvador, and Honduras.

 

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