Korean Job Discussion Forums

[wanamin]

People acting irrational makes businesses scared....

HSBC May Consider Dropping Korean Bank Deal...

I think this is just the start!!!

[Matman]

A victory for Korea! The filthy foreigners will not be taking over.

[Scotticus]

Where does it say it has anything to do with the beef protests or "irrational" Korean behaviour?

[R-Seoul]

Actually the real reason is that most people prefer to do their banking in a local branch and seeing as HSBC has, I believe, a grand total of 2 branches in Seoul that kind of rules them out as a viable alternative. Their internet banking is also rather weak and non-user friendly compared to other banks, and of course we all now how reticent Koreans are at using a foreign product when a Korean one exists.
Most revenue for HSBC in Korea is on the Import/Export side and here the reason most people use them is at a foreign partner�s insistence not because they choose to themselves. They still need to improve their business model and are spending millions researching this with consumers. Alas this has nothing to do with the Mad Cow protests though of course some of the reasons behind the protests (wariness of anything foreign, nationalism, word-of-mouth mis-information) has contributed to HSBC�s struggles.

[bassexpander]

I'm sure the Lonestar mess weighed heavily on their minds.

[ajgeddes]

I met a guy in Hong Kong two years ago that was quite high up in the HSBC ranks. We were talking about Korea and he mentioned that HSBC had been scaling back their operations in Korea already for a couple of years. So, that would have been since 2004, or so. He just said that because of the ridiculous banking restrictions, which were in direct opposition to HSBC's banking regulations and it just caused too many problems. So, basically, this has nothing to do with beef imports, but has actually been going on now for 4-6 years.

[wanamin]

I was in a bad mood and I wasn't nice

[R-Seoul]

You know I posted that without even reading the article. Pity it didn't give any insight into the reasons why....

My information comes from working directly with HSBC, they know they have problems in Korea and are doing their best to establish themselves guess the Korean Exchange bank deal just wasn't viable.

[bassexpander]

.... although I will say that I have a feeling this whole beef crazyness WILL come back to bite Korea in the butt.

Just one more nail in the coffin of international business.

Statistics don't lie. Korea is losing international companies and investment.

[Ilsanman]

Yes, it seems everywhere I go, new and original type restaurants and businesses go out of business and get replaced by more Sam Gyeop Sal restaurants.

[vlcupper]

[Toon Army]

HSBC still in Korea bank talks

04.08.2008

HSBC is still in talks with US private equity firm Lone Star about how to take forward a deal to buy 51% of Korea Exchange Bank, the banking giant said Monday.

"HSBC Asia has not terminated the acquisition agreement nor has it received a notice of termination from Lone Star," a short statement read.



http://www.moneyweek.com/file/51583/hsbc-still-in-korea-bank-talks.html

[nautilus]

Koreans close ranks against foreign business, pure and simple. To do less is treason.

How on earth were they planning to operate the "Hub of Asia", let alone think it possible with such an approach?

[wylies99]