HSBC said that it will remain committed to the Korean market and continue to invest in developing its Korean Global Banking and Markets business.

The transaction, which is expected to complete as early as 10 May 2013, will represent further progress in the execution of the HSBC Group strategy.

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At the end of 31 December 2012, Hana HSBC Life had gross assets equivalent to KRW 2,745bn ($2.47bn).

Established in 2008 by HSBC and South Korean Hana Financial, the life insurance joint venture (JV) offers an array of insurance products and services in the country.

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