HSBC Asia Pacific has entered into an agreement to sell its 92.96 percent stake in HSBC Fund Services Korea to Koscom Corporation.
Koscom is a Korea-based financial IT company which was launched by the Ministry of Finance and the Korea Exchange in 1977.
The transaction is expected to be completed within the next six months, according to HSBC.
HSBC highlighted that its securities services business at HSBC Korea, which provides custody services to institutional investors and trustee services to investment managers, will be unaffected by this transaction.
Peter Wong, CEO of HSBC Asia Pacific, said: “One of HSBC’s strategic priorities is to accelerate growth from our Asian franchise. The sale of our stake in HSBC Fund Services will allow us to focus on our core businesses in Korea, which is a part of HSBC’s regional Asian network that support the needs of the group’s international client base.”
