Norton Rose has taken the lead role for HSBC on the THB17.5bn (£349m) sale of its Thai banking and wealth management business to Thailand’s Bank of Ayudhya (BAY).

Hong Kong corporate partner Richard Crosby led a six-strong team working out of Hong Kong and Bangkok, which included Bangkok corporate and finance partner Somboon Kitiyansub and Hong Kong-based corporate partner Phillip John, the head of the firm’s North Asia practice.