Reuters: Deals: KDB in talks to buy HSBC's retail business in South Korea

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KDB in talks to buy HSBC's retail business in South Korea Apr 10th 2012, 04:22 HONG KONG | Tue Apr 10, 2012 12:22am EDT HONG KONG (Reuters) - HSBC (HSBA.L), Europe's biggest lender, said on Tuesday it is in talks to sell its South Korean retail banking and wealth management business to Korea Development Bank. Discussions are ongoing and an agreement may or may not be reached, HSBC (0005.HK) said in a statement filed to the Hong Kong bourse. It has 11 outlets in South Korea, it said on its website. HSBC has cut 11,000 jobs and sold about 20 businesses, including its general insurance unit, as part of Chief Executive Stuart Gulliver's plan to cut annual costs by $3.5 billion.

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