Business briefs: HSBC to quit Korea and Pakistan | Best Buy

EUROPE’S biggest bank, HSBC, is in talks to sell up in Pakistan and offload retail banking in Korea, part of its withdrawal from countries where it lacks scale or struggles to make a profit.

HSBC yesterday said it was discussing the sale of its Korean retail and wealth management business to Korea Development Bank (KDB), but would keep its investment banking and corporate banking businesses in the country.

It is also in talks with several unnamed companies to sell its Pakistan business, it added.

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Best Buy chief Dunne quits

Best Buy, the US electricals chain that failed in its attempt to take on the UK market, yesterday said its chief executive Brian Dunn had resigned.

The company, which faces stiff competition from discounters and online retailers, has missed sales expectations for several quarters in a row.

Best Buy said director Mike Mikan will serve as interim boss while it looks for a permanent replacement. Mikan has been a Best Buy director since April 2008. He formerly served as executive vice-president of United Health Group.