HSBC says it is in talks to sell off operations in Pakistan and Korea as it continues with plans to scale back in territories which are not deemed profitable or have become underperforming retail operations.
HSBC - which calls itself the world's local bank - has issued a statement confirming that discussions have commenced on the possible sale of its retail banking and wealth management business in Korea.
The Korea Development Bank, part of the KDB Financial Group, is the interested buyer. HSBC says it will make a further announcement as and when it would be appropriate but emphasised that the discussions were “ongoing” which may lead to a sale. HSBC further confirmed its commitment to the Korean market saying it continues to invest in developing its Korean global banking and markets and corporate banking businesses.
HBSC Korea has 11 branches in the country with total assets of some 30,020bn Korean Won (US$26.4bn) as of June last year.
As for selling off its operations in Pakistan, HSBC confirms that it is in talks with a “number of interested parties”. Here, the bank has 10 branches servicing approximately 33,000 consumers and companies.
These sell-offs continue HSBC’s projected plans to scale back in those territories which are not deemed profitable or have become underperforming retail operations. The bank has already closed and sold off retail and private banking operations in Japan and retail operations in Thailand as well as in 15 other countries, which includes operations in European and American markets.
Territories in which the bank has a presence made up of less than 20 branches include Sri Lanka, New Zealand and the Philippines.
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