It looks like a punt on the power of persuasion. On Monday, HSBC announced that it had finally signed an agreement to buy a 51 per cent stake in Korea Exchange Bank for $6.3bn. The trouble is, there is no green light from Korea’s financial regulator. The seller is US private equity group Lone Star, which is still under investigation about the legality of its 2003 purchase of KEB. Korea’s Financial Supervisory Service said only last week that “HSBC cannot be an exception” to the rule that legal disputes must be settled before a sale. This was reiterated on Monday.

Many expect the court hearings to drag on for years. HSBC is therefore betting on an early ruling – before next April in fact, for the agreement contains a clause that the deal will expire if the wrangling extends beyond then. One explanation for HSBC’s optimism is that the Korean government is thought to be worried that a prolonged dispute might hurt future investment. But even if HSBC reckons it can push things along, nothing is guaranteed.