On Air Now

Tune in to Listen

99.9 FM Hibbing, MN

Weather

Current Conditions(Hibbing,MN 55746)

More Weather »
66° Feels Like: 66°
Wind: NW 6 mph Past 24 hrs - Precip: 0”
Current Radar for Zip

Tonight

Clear 51°

Tomorrow

Mostly Sunny 80°

Fri Night

Clear 49°

Alerts

  • 0 Severe Weather Alerts
  • 0 Cancellations

HSBC in talks on closing South Korean retail bank unit: report

A man walks past the HSBC logo at the bank's headquarters in Hong Kong September 8, 2011. REUTERS/Tyrone Siu
A man walks past the HSBC logo at the bank's headquarters in Hong Kong September 8, 2011. REUTERS/Tyrone Siu

SEOUL (Reuters) - HSBC is talking with South Korean regulators about shutting its local retail banking operations after a failed attempt to sell the business, the Donga Ilbo newspaper reported on Thursday.

Korea Development Bank (KDB) said in July it dropped talks to acquire HSBC's South Korean retail banking operations after the banks failed to reach an agreement on employment conditions.

HSBC, Europe's biggest bank, had entered talks over the possible sale of its Korean retail banking operation, which has 11 branches, as part of a widespread asset-sale program.

South Korean regulators have not received an official request concerning HSBC's local retail banking operations, said a banking sector regulatory official who asked for anonymity as he was not authorized to talk directly to the media.

A Seoul-based spokeswoman for HSBC said the bank was reviewing all possible options concerning its South Korean retail banking operations.

(Reporting by Joyce Lee; Editing by Richard Pullin)

Comments