The closure is part of HSBC’s global review, under which it has already divested or closed nearly 52 operations across the globe since May 2011, as reported by Reuters.
The closure process is expected to begin from 8 July, although the lender said that its global banking and markets business, which serves corporate clients, will not be affected in the country.
The bank, which manages 10 branch offices in the country, will obtain the approvals from the concerned regulatory agencies.
A Hong Kong-based HSBC spokeswoman was quoted by the news agency as saying that the closure will claim 230 jobs in South Korea.
Besides HSBC, many other global banks, including Standard Chartered have struggled to gain profitable retail banking ground in South Korea, amidst stiffer competition and tightening regulatory rules.
