Their success at Korea Exchange Bank may be an ominous precedent.

ECONOMIST: South Korean banks: Silver lining | The

There are big plans for Russia, sub-Saharan Africa and South Korea, where HSBC is waiting for regulators to approve its 51% stake purchase in Korea Exchange Bank from Lone Star.

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As The Economist went to press that was the choice facing HSBC, whose dogged pursuit of Korea Exchange Bank (KEB) has become a litmus test of South Korean attitudes to foreign investment.

ECONOMIST: HSBC��s difficult decision over Korea Exchange Bank

Kim Kyong Lim, chief executive of Korea Exchange Bank, the main lender to Hyundai, argues that this should be no problem, since the bank's sub-standard loans stood at less than 18% of its portfolio at the end of June.

ECONOMIST: South Korea dumps the past, at last