TISCO Bank Public Company and All-Ways Company, subsidiaries of Tisco Financial Group, have agreed to acquire the retail banking operations of Standard Chartered Bank (Thai) Public Company (SCBT).

Tisco Bank will buy SCBT’s personal lending, mortgage, retail banking, wealth management and individual deposits businesses, while All-Ways will acquire SCBT’s credit card business.

As of 30 September 2016, the net asset value of the acquired operations was nearly THB5.5bn ($152.7m), which included total assets of about THB41.6bn ($1.1bn) and total liabilities of THB36.1bn ($1bn), Tisco said in a filing with the Thai stock exchange.

TISCO Bank group CEO Oranuch Apisaksirikul said: "Acquiring SCBT's Retail Banking business is in line with TISCO's strategy to expand customer base and broaden our service scope for retail clients.”

The transfer is slated to be concluded within 2017, subject to regulatory nod.

Standard Chartered Bank Thailand and Representative Offices CEO Plakorn Wanglee said: “While our retail banking business in Thailand is of high quality, it has insufficient scale and it has become increasingly difficult to achieve the returns that we aspire for. It is after careful consideration that we have agreed to transfer the retail banking business to Tisco.”