Bank of Ayudhya seen winning bid for HSBC's Thai retail business

BANGKOK: Thailand's Bank of Ayudhya , the country's fifth-largest lender and part owned by General Electric, is tipped to win the bidding to buy HSBC's Thai credit card and retail business in a deal worth up to $1.28 billion, sources close to the deal said on Tuesday.

The deal is subject to an approval from the Bank of Thailand, sources told reporters.

Another bidder was Siam Commercial Bank, sources said. HSBC's Thai unit and Bank of Ayudhya declined to comment.