HSBC, whose planned $6.3bn (€4.3bn) purchase of a controlling stake in Korea Exchange Bank is in limbo pending regulatory approval, has agreed a second deal in South Korea that will give the UK bank a stake in the insurance arm of Hana Financial Group.

In September, HSBC struck a deal to buy a controlling stake in KEB from US buyout firm Lone Star, but the deal has since stalled, with legal officials in the country still considering whether to reverse approval for Lone Star's original purchase of the stake in 2003.