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HSBC Holdings’ Korean branch is likely to clarify rumors that it is planning to shut down retail banking operations here soon.
According to reports that first came out late September, HSBC has drawn up plans to pull out of Korea’s retail banking market and began the process of selling related assets, continuing only its investment banking and corporate financing businesses.
HSBC currently operates seven retail branches in Seoul and surrounding regions, and one branch each in Busan, Incheon, Daegu and Daejeon.
The bank, however, has yet to announce its position regarding the alleged plans, which are reported to be a part of HSBC’s global restructuring plans.
"Our position at present is neither to confirm nor deny the reports,” a HSBC official said.
The bank's spokeswoman added that HSBC's official position is not to comment on market rumors and speculations.
While industry watchers expect the bank to clarify the situation at an upcoming press conference, the bank denied such speculations saying that the matter will not be addressed at the event.
Under the bank’s global restructuring plans, which have already affected operations in a number of countries, HSBC will cut its current workforce by about 10 percent by 2013, shut down retail banking operations and insurance businesses in a number of countries. The bank estimates that the measures will allow it to save as much as $3.5 billion by 2013.
So far, HSBC has sold 195 retail branches in the U.S., closed retail banking operations in Russia, and cut 700 retail banking staff in the U.K.
By Choi He-suk (cheesuk@heraldcorp.com)
According to reports that first came out late September, HSBC has drawn up plans to pull out of Korea’s retail banking market and began the process of selling related assets, continuing only its investment banking and corporate financing businesses.
HSBC currently operates seven retail branches in Seoul and surrounding regions, and one branch each in Busan, Incheon, Daegu and Daejeon.
The bank, however, has yet to announce its position regarding the alleged plans, which are reported to be a part of HSBC’s global restructuring plans.
"Our position at present is neither to confirm nor deny the reports,” a HSBC official said.
The bank's spokeswoman added that HSBC's official position is not to comment on market rumors and speculations.
While industry watchers expect the bank to clarify the situation at an upcoming press conference, the bank denied such speculations saying that the matter will not be addressed at the event.
Under the bank’s global restructuring plans, which have already affected operations in a number of countries, HSBC will cut its current workforce by about 10 percent by 2013, shut down retail banking operations and insurance businesses in a number of countries. The bank estimates that the measures will allow it to save as much as $3.5 billion by 2013.
So far, HSBC has sold 195 retail branches in the U.S., closed retail banking operations in Russia, and cut 700 retail banking staff in the U.K.
By Choi He-suk (cheesuk@heraldcorp.com)
