HSBC closing down in Thailand

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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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...

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.

 



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Personal Info

Donation Total: $10.00

 

 

1 COMMENT

  1. where could i send my complain to HSBC thailand , me and my fiance got a very big problem with that bank since august 29,2017 , until now 9/22 he been there for almost 3 weeks he cant withdraw his money , why do the bank asking him for a 5,000 usd before he can withdraw his own money just because they saw the amount much money and he is a foreigner from DUBLIN IRELAND , kindly please help us to this problem

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