HSBC in talks to sell Korea business

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.

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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.