HSBC in talks to sell Korea business

The UK's biggest bank, HSBC, has confirmed it is in talks over a possible sale of its retail banking and wealth management business in Korea.The bank said the discussions with The Korea Development Bank were ongoing and may or may not lead to a deal. "HSBC remains committed to the Korean market and continues to invest in developing its Korean Global Banking and Markets and Corporate Banking businesses," it said in a statement.Last year the bank announced a programme of non-core asset sales as it seeks to boost investor returns. It has recently announced plans to sell businesses in Mauritius, Slovakia and the Middle East.However, it is a different story in its key markets, with the bank having to splash out over £1bn recently to ensure it remains a key player in mainland China. In March HSBC announced it is spending HK$13,264m on a share placing by the Chinese lender, Bank of Communications, or BoCom for short.