Standard Chartered Plc is transferring its retail banking business in Thailand to TISCO Financial Group PCL.

Standard Chartered Bank (Thai) PCL will transfer the business TISCO Financial subsidiaries TISCO Bank PCL and All-Ways Co. Ltd. TISCO Bank will take over the bank's personal lending, mortgage, retail banking, wealth management and individual deposits businesses. All-Ways Co. will take over the credit card business.

TISCO Financial said the assets to be transferred have a net value of around 5.50 billion baht as of Sept. 30.

The proposed transfer is expected to be completed in 2017, subject to regulatory and shareholder approvals.

As of Dec. 21, US$1 was equivalent to 36.02 Thai baht.