HSBC closes Thai equities business

HSBC has become the latest international bank to close its equities business in Thailand. The British bank is keeping tight-lipped about the reasons for the closure but the decision comes amid a continuing restructuring of its global equities business. Indeed, the decision to close did not come as much of a surprise to rival brokers, who say that HSBC was never a significant player. Of the 36 brokerages trading on the Stock Exchange of Thailand HSBC ranked rock-bottom before it final…