HONG KONG -(MarketWatch)- HSBC Holdings PLC is planning to sell its retail banking business in five Asian markets, including Japan and South Korea, in line with its strategy to exit from costly markets, the Apple Daily reported Thursday, citing an unnamed source.

The U.K.-based lender, however, will keep its profit drivers--commercial banking and investment banking--in the two countries, the report said, adding HSBC may also sell its retail banking business in Bangladesh. A HSBC spokesperson declined to comment, according to the paper.

HSBC Chief Executive Stuart Gulliver said in May that the group will pull back its retail banking business from some countries to boost efficiency.

Source:Marketwatch