HSBC stated that though it may sell its Korean retail and wealth management business to Korea Development Bank (KDB), they will retain its investment banking and corporate banking businesses in the country.
The bank said that it is also in talks with several unnamed companies to sell its Pakistan business.
Go deeper with GlobalData
It has 11 branches in Korea and assets of about 30,000 billion Korean won, and 10 branches in Pakistan.
HSBC denied revealing the price of either of the deals.
If the deal materializes, it would be the 25th since HSBC chief executive Stuart Gulliver has taken over as a part of his strategy to cut cost and boost profits.
HSBC operates in 85 countries and Gulliver is focusing on fast-growing Asian markets.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe bank ha made a profit of US$22 billion last year, though the costs continued to be high and its return on equity being 10.9%, short of its 12-15% target.
HSBC in 2012 has sold its general insurance businesses for US$914 million and have also sold operations in Costa Rica, El Salvador and Honduras for around US$800 million.
