UK-based financial services provider HSBC has revealed plans to sell its retail banking business from Thailand to Bank of Ayudhya, a financial institution which is 33 percent owned by GE Money.

Bank of Ayudhya will pay USD 112 million for the acquisition. At the end of 2011, HSBC’s Thai assets, except cash, have accounted for only 1.4 percent of Bank of Ayudhya’s assets and the deal size is less than 3.5 percent of its total capital.

The acquisition is expected to be completed in Q1 and still needs to be approved by shareholders and the Bank of Thailand.

The HSBC’s Thai retail business provides retail and wealth management clients with a range of services including credit cards, personal loans, mortgages and deposits.