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.

BAY, Thailand's fifth-largest bank in terms of loans and deposits, was represented by its in-house counsel on the deal.

Norton Rose also recently acted for HSBC on the sale of its Japanese private banking unit to Credit Suisse. The global bank has in recent months been spinning off a number of operations in a bid to cut expenses and raise cash in anticipation of increased costs in emerging markets and tighter capital rules in Europe.

The BAY deal comes shortly after HSBC instructed Linklaters and a number of other firms on the $801m (£512m) sale of its Latin American businesses to Colombia's Banco Davivienda.

Linklaters City corporate partner Aedamar Comiskey advised HSBC on UK legal issues relating to the sale, while Central American firm Arias & Munoz acted for the bank on regional legal issues.

New York firm Hughes Hubbard & Reed provided US law advice, while Honduras' Lopez Rodezno & Asociados, Brazil's Machado Meyer Sendacz & Opice, Mexico's Berdeja and Panama's Morgan & Morgan provided local law advice from their 
respective countries.

The deal boosted Banco Davivienda's size by around 20%, adding 136 bank branches throughout Costa Rica, El Salvador and Honduras.