HSBC to Wind Down South Korea Retail Bank Amid Global Revamp
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HSBC Holdings Plc plans to wind down its retail banking and wealth management business in South Korea as it seeks to revive profitability.
Europe’s biggest lender plans to close 10 of its 11 branches in Korea pending regulatory approval, according to a statement from the London-based bank today. HSBC “remains committed” to Korea, where it will focus on its global banking and markets business, it said.