Hsbc Thailand

[chiang mai]

This little gem was tucked away at the end of another thread and since it's probably of some importance to many ex-pats here in Thailand I thought it was worth headlining the news in a post of it's own so that people can begin to make plans as necessary:

The deal is not yet done but it seems almost certain that HSBC's credit card and loans divisions in Thailand will be sold to Bank of Auyudia (sp) which it seems is part owned by GE Capital and that the deal will likely complete this month, since retail operations sit within the same portfolio it seems highly ikely that many of us will soon be faced with a decision as to where to do our banking in Thailand.

http://mobile.bloomberg.com/news/2011-12-30/hsbc-s-sale-of-thai-unit-shows-priority-is-scale-not-geography

[trajan]

If HSBC Premier is closing in Thailand, I was thinking of looking at Standard Chartered Priority (they seem to have over 2 dozen locations in Thailand, incl ChiangMai)

http://priority.standardchartered.co.th/en/

[chiang mai]

I'm surprised to see HSBC do this, it kinda screws things up for folks who have a string of HSBC Premier interconnected accounts, doing away with of them means that the rest serve little purpose, for my part I think I'll probably just move to Kasikorn or similar.

[MickeyM]

I'm surprised to see HSBC do this, it kinda screws things up for folks who have a string of HSBC Premier interconnected accounts, doing away with of them means that the rest serve little purpose, for my part I think I'll probably just move to Kasikorn or similar.

Note: The original post indicates that only credit cards and loans are involved. Not Premier accounts.

[chiang mai]

I'm surprised to see HSBC do this, it kinda screws things up for folks who have a string of HSBC Premier interconnected accounts, doing away with of them means that the rest serve little purpose, for my part I think I'll probably just move to Kasikorn or similar.

Note: The original post indicates that only credit cards and loans are involved. Not Premier accounts.

Indeed, but I sent an email to HSBC to try and clarify this aspect, their reply was that their is still uncertainty as to whether retail accounts are included also. I for one cannot see how they can sell credit card and consumer loans and possibly retain current and savings accounts. But equally as confusing is the last line of the Bangkok Post article where it states that HSBC Thailand will continue to grow its branch network here (even if sold?)!

[MickeyM]

I'm surprised to see HSBC do this, it kinda screws things up for folks who have a string of HSBC Premier interconnected accounts, doing away with of them means that the rest serve little purpose, for my part I think I'll probably just move to Kasikorn or similar.

Note: The original post indicates that only credit cards and loans are involved. Not Premier accounts.

Indeed, but I sent an email to HSBC to try and clarify this aspect, their reply was that their is still uncertainty as to whether retail accounts are included also. I for one cannot see how they can sell credit card and consumer loans and possibly retain current and savings accounts. But equally as confusing is the last line of the Bangkok Post article where it states that HSBC Thailand will continue to grow its branch network here (even if sold?)!

Just visited HSBC (Rama IV) today; they confirmed the issue is with credit cards/loans only and not retail banking overall. They had no further details as of now.

[trajan]

I'm surprised to see HSBC do this, it kinda screws things up for folks who have a string of HSBC Premier interconnected accounts, doing away with of them means that the rest serve little purpose, for my part I think I'll probably just move to Kasikorn or similar.

Note: The original post indicates that only credit cards and loans are involved. Not Premier accounts.

Indeed, but I sent an email to HSBC to try and clarify this aspect, their reply was that their is still uncertainty as to whether retail accounts are included also. I for one cannot see how they can sell credit card and consumer loans and possibly retain current and savings accounts. But equally as confusing is the last line of the Bangkok Post article where it states that HSBC Thailand will continue to grow its branch network here (even if sold?)!

Just visited HSBC (Rama IV) today; they confirmed the issue is with credit cards/loans only and not retail banking overall. They had no further details as of now.

I have a feeling you were given wrong information...

The Nation reported today that Bank of Ayudya signed an agreement to acquire the retail business of HSBC Thailand (including credit cards, personal loans, mortgage and deposits).

http://www.nationmultimedia.com/business/Krungsri-to-acquire-HSBC-retail-business-30174514.html

[bendix]

Entire retail business is being sold. Done deal. There's no information yet on whether this will be a hardsale (ie there will be no HSBC branding at all and everyone will be transfered to BAY) or a softsale, in which case BAY will operate the HSBC brand under license so no impact on consumers.

[trajan]

Entire retail business is being sold. Done deal. There's no information yet on whether this will be a hardsale (ie there will be no HSBC branding at all and everyone will be transfered to BAY) or a softsale, in which case BAY will operate the HSBC brand under license so no impact on consumers.

no way that BAY would be allowed to operate under HSBC branding...

my guess is retail business is transferred to BAY, but HSBC Thailand remains in existence operating wholesale business banking

[Pib]

I'm surprised to see HSBC do this, it kinda screws things up for folks who have a string of HSBC Premier interconnected accounts, doing away with of them means that the rest serve little purpose, for my part I think I'll probably just move to Kasikorn or similar.

Note: The original post indicates that only credit cards and loans are involved. Not Premier accounts.

Indeed, but I sent an email to HSBC to try and clarify this aspect, their reply was that their is still uncertainty as to whether retail accounts are included also. I for one cannot see how they can sell credit card and consumer loans and possibly retain current and savings accounts. But equally as confusing is the last line of the Bangkok Post article where it states that HSBC Thailand will continue to grow its branch network here (even if sold?)!

Just visited HSBC (Rama IV) today; they confirmed the issue is with credit cards/loans only and not retail banking overall. They had no further details as of now.

But credit cards and loans are a key component/cash cow of retail banking. Without credit cards/loans I don't think many people would want to sign up with such a limited service (crippled) bank.

[trajan]

But credit cards and loans are a key component/cash cow of retail banking. Without credit cards/loans I don't think many people would want to sign up with such a limited service (crippled) bank.

all retail business of HSBC Thailand is being transferred to Bank of Ayudthaya...there won't be any retail customers of HSBC Thailand.....

[samtam]

Yep, all true - no more retail HSBC in Thailand, and customers will be offered a transfer to BAY, or whosoever they wish. Obviously will not get any HSBC Premier benefits at any other bank. I received Premier status here based on my banking status in other centres. Only use the HSBC here for Retirement Visa Extension of Stay deposit, which they made quite easy, but it was/is the transfer in and out that was quite easy and straightforward. Bit of a bugger, frankly. But I don't blame HSBC for exiting this segment of their business here.

[samtam]

Does anyone have experience of banking with Bank of Ayyudyah here? Failing using them, which bank would you recommend for a farang. I have an account at UOB, which is OK, but not the greatest.

[Pib]

Does anyone have experience of banking with Bank of Ayyudyah here? Failing using them, which bank would you recommend for a farang. I have an account at UOB, which is OK, but not the greatest.

Recommend Bangkok Bank.

[chiang mai]

It's a good opportunity to rearrange my banking, out with HSBC Bangkok, out with HSBC Hong Kong, in with HSBC Singapore, along with smaller accounts spread across the likes of Standard Chaterered and Kasikorn, shame about the Global View/UK transfers but Singapore will be a good substitute, for me at least.

[TallGuyJohninBKK]

If you guys look at the HSBC Thailand home page, you'll see a message there about the sale... as one of the main links on their home page... It specifically says the sale includes their retail banking in Thailand.

And, it adds that HSBC will be closing their Silom and Thong Lor area branches...and includes dates in the coming months for both closures.... They're done and out of Thailand, period.

[bendix]

If you guys look at the HSBC Thailand home page, you'll see a message there about the sale... as one of the main links on their home page... It specifically says the sale includes their retail banking in Thailand.

And, it adds that HSBC will be closing their Silom and Thong Lor area branches...and includes dates in the coming months for both closures.... They're done and out of Thailand, period.

They've announced similar departures from a few other places too - Costa Rica, a couple of other South American countries etc. All part of Gulliver's cost cutting exercise .

[Familyonthemove]

If you are looking for an alternative bank ... for international banking I've been impressed with Standard Chartered. They've helped with international fund transfers, deposit account and local cheque payments. Thonglor branch team very helpful.

I also have a local K-Bank account, and they've also been very good for service, although I only use K-Bank for local transaction. I their photo Visa Debit card and SMS alert system as these seem to be handy extra security features.

[sparebox2]

The Nation reported today that Bank of Ayudya signed an agreement to acquire the retail business of HSBC Thailand (including credit cards, personal loans, mortgage and deposits).

Classic. Thai Bank take over Farang Bank.

Well done Thailand.

[chiang mai]

If you are looking for an alternative bank ... for international banking I've been impressed with Standard Chartered. They've helped with international fund transfers, deposit account and local cheque payments. Thonglor branch team very helpful.

I also have a local K-Bank account, and they've also been very good for service, although I only use K-Bank for local transaction. I their photo Visa Debit card and SMS alert system as these seem to be handy extra security features.

No doubt the Bangkok branch is better than the Chiang Mai branch where I've spent the past two days trying to open an account without sucess, certainly they will allow me to open an account but their document requirements are farsical and English langyage skills of the staff minimal. Thus far I've prodced a UBC bill, a CAT bill, my HSBC BKK statement. my drivers license, my passport and the lease agreement on my condo, all of which have been copied and signed. Ten minutes ago I got the call asking me to provide a letter from my juristic person to prove I live where I say I live! I may stop trying if common sense doesn't prevail.

[chiang mai]

The Nation reported today that Bank of Ayudya signed an agreement to acquire the retail business of HSBC Thailand (including credit cards, personal loans, mortgage and deposits).

Classic. Thai Bank take over Farang Bank.

Well done Thailand.

I understand the sentiment and wouldn't wish to rain on your parade, but, HSBC Group is only selling it's poorest performing assets globally so there's really no big coup here on the part of B of Ayudhya or Thailand!

[sbk]

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