The UK's biggest bank, HSBC, has confirmed it is in talks over a possible sale of its retail banking and wealth management business in Korea.
The bank said the discussions with The Korea Development Bank were ongoing and may or may not lead to a deal.
"HSBC remains committed to the Korean market and continues to invest in developing its Korean Global Banking and Markets and Corporate Banking businesses," it said in a statement.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Last year the bank announced a programme of non-core asset sales as it seeks to boost investor returns.
It has recently announced plans to sell businesses in Mauritius, Slovakia and the Middle East.
However, it is a different story in its key markets, with the bank having to splash out over £1bn recently to ensure it remains a key player in mainland China.
In March HSBC announced it is spending HK$13,264m on a share placing by the Chinese lender, Bank of Communications, or BoCom for short.
-
Would you delay retirement to help your children through university?Parents are missing out on as much as £45,000 that could have gone into their pensions because they are using that money to pay their children’s way through university, according to new research
-
Family face £100k stamp duty bill after avoidance scheme crashes in court – the mistakes to avoidA couple faces a substantial stamp duty bill after trying to reduce the amount they owed
