HSBC Holdings Plc said Friday it has decided to pull its retail banking out of South Korea and focus on the corporate banking service here.
The British banking group said that it plans to close down its retail and wealth management services in South Korea next week and instead focus on the corporate banking business.
The British banking giant said that it will seek regulatory approval to close down 10 of its 11 branches in Korea.
“HSBC remains committed to South Korea where it is uniquely positioned to support corporate clients in South Korea,” HSBC said in a statement.
The move is part of HSBC’s strategy of reviewing businesses in the global market, which has led to 52 closures and disposals including withdrawal from the retail banking services in 17 markets, according to the company. (Yonhap News)
