HSBC is being linked with a possible sale of
its Korean retail units to South Korean KDB Financial Group
(KDB).

HSBC’s Korean unit has 11 branches with assets
totaling KRW30.02 trillion ($25.6 bn) as of the end of
June. 

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KDB was established in October 2009, after
transferring its policy banking functions to Korea Finance and is
set to be privatised before the end of May 2014.

According to local press reports, KDB
Financial’s talks with HSBC have gone ahead of “manager-level
discussions”, and KDB Financial is aiming to increase its deposit
base before the planned privatisation.

KDB Financial is reportedly keen to make
acquisitions to complement its efforts to grow organically.

KDB Financial reported net income of KRW909bn
in fiscal 2010, up 5.6% year-on-year with total assets of
KRW142trn.

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In December, last year, KDB closed a deal to
acquire Royal Bank of Scotland’s Uzbekistan country unit.