International legal practice Norton Rose Group is advising The Hongkong and Shanghai Banking Corporation Limited (HSBC) on the sale of its retail banking and wealth management business in Thailand to Bank of Ayudhya Public Company Limited (BAY).

The sale, which is subject to various conditions including the receipt of regulatory approvals and approval by the shareholders of BAY, involves gross assets with a value of approximately THB17.5bn (approximately US$553m) at 31 December 2011.

The Norton Rose team is led by Hong Kong corporate partner, Richard Crosby, and includes corporate partner Phillip John and associates Adam Edelman and Lydia Kungsen from the Hong Kong office and partner Somboon Kitiyansub and associates Sarah Chen and Rittichai Ngodngam from the Bangkok office.