After nearly three years of trying unsuccessfully to sell Korea Exchange Bank, John Grayken, chairman of Lone Star, finds himself in the unenviable position of having to hunt for another buyer after HSBC unexpectedly withdrew its $6.3bn offer to buy the US investment fund’s 51 per cent stake in KEB.

The UK lender’s move, announced late on Thursday night London time, came as a surprise because HSBC was widely expected to win regulatory approval for the KEB acquisition soon.