HSBC closes retail banking and wealth management in South Korea
On Friday, HSBC Holdings Ltd said it was planning to exit its own retail banking and wealth management enterprises in South Korea. The plan would support its long-term approach to end its unproductive and inept businesses. It would also let the company focus on what matters most.
HSBC would request for regulatory approval. The retail branches of the said company in South Korea would only close if it gets all the necessary permits and authorizations. After the conclusion of its retail venture, HSBC would be left with its international banking and market business that served corporate customers.
The bank said that the decision came as a part of HSBC's global analysis. Their study showed that it would shut down or dispose its 52 businesses all over the world.
The UK-based moneylender's spokeswoman said that the company would cut 230 jobs in the retail banking and wealth management enterprise. However, it would keep its money-making investment banking business in South Korea.