Customers of HSBC's (NYSE: HSBC ) retail and wealth management offerings in South Korea will have to find a new bank. The financial services multinational announced it will no longer provide such services in that country.
The shutdown is rather sudden. HSBC said that, starting July 8, it will no longer accept new loan business from current customers, nor will it open bank accounts, issue ATM cards, or rent safety deposit boxes to new clientele. The company will, however, continue to provide other services to existing customers.
Meanwhile, it is to seek regulatory approval to close its branches. The closures will result in the elimination of around 230 jobs.