UBS has landed its first advisory role for HSBC, helping the UK banking group, which often relies on in-house expertise rather than other banks for advice, to agree its biggest acquisition in nearly five years.

HSBC today said in a stock market announcement it has struck a deal with Lone Star Funds to acquire the Dallas-based buy-out group's 51% controlling stake in Korea Exchange Bank for $6.3bn (€4.6bn) in cash.

Vivek Ahuja

HSBC

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The president turned a rare visit to the U.S. central bank into political theater that included hard hats and a back slap.

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The Davos founder rejected preliminary findings of misconduct, including improper travel expenses and gifts.

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U.S. stock futures pointed to a flat open after a mixed session on Wall Street Monday, while international equity markets were also mixed so far Tuesday as earnings season sweeps into full gear.

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The biopharmaceutical company said the investment includes plans for a new manufacturing center focused on chronic diseases.

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The European Union still wants a deal, but with U.S. demands growing, the bloc is getting ready to push back.

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UBS steers HSBC to Korean accord

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