The Hong Kong and Shanghai Banking Corporation Limited (HSBC), a wholly-owned subsidiary of HSBC Holdings plc, has confirmed that it is in discussions concerning a possible sale of its Retail Banking and Wealth Management business in Korea to The Korea Development Bank, a member of the KDB Financial Group.
These discussions are ongoing and may or may not lead to a transaction.
HSBC will make a further announcement if or when appropriate.
HSBC Holdings middle east subsidiary HSBC Bank Middle East Ltd is also in discussions with a number of interested parties regarding a possible sale of its operations in Pakistan. Any sale would be subject to, amongst other things, appropriate regulatory approvals.
These discussions are at a preliminary stage. Further announcements will be made if or when necessary.