AT & T Capital Corp is set to buy AGC Finance Hong Kong, a local vehicle and equipment licensing company, for an undisclosed sum. It is expected that AGC, which currently has assets of $1.1 billion, will provide financing for AT & T and NCR equipment. AT & T has its regional headquarters in Hong Kong and some 14 operating units are now active in the area, according to a company spokeswoman. ''AGC will provide financing for AT & T products, but it will be a bit wider than that - AGC already provides vehicle leasing and general equipment financing and those activities are expected to continue,'' she said. AGC is expected to expand out of the territory by providing equipment financing in the broader region. AT & T sells both large and small equipment to the region, including network systems, wireless equipment for cellular phone networks and business communications equipment including office PABX systems. It also sells value-added services. AGC currently employs 110 people in the territory at eight locations. ''This sale is part of our overall effort to focus on our core finance business in Australia,'' said Tony Aveling, AGC chief general manager. The leasing business in Hong Kong is fiercely competitive. Many major companies have established their own leasing subsidiaries, as AT & T is doing, and many banks have leasing subsidiaries.