HSBC to abolish retail banking business in S Korea

SEOUL - The South Korean unit of HSBC, the London-based financial services company, planned to abolish retail banking businesses in South Korea to focus more on corporate banking services, Seoul's financial regulator said Friday.

According to the Financial Services Commission (FSC), the British multinational banking company announced its plan to shut down 10 retail branches in Seoul out of the total 11 units, while leaving one unit to specialize in the corporate banking sector.

The shutdown plan should be approved by the FSC that will determine whether to allow it after reviewing details.

HSBC Korea, which set up its first branch in Seoul in 1984, held assets of 25.7 trillion won ($22.4 billion) as of the end of March. Outstanding deposits were 4.9 trillion won, among which retail deposits stood at merely 0.2 trillion won.