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.