Thirteen years after the US fund Lone Star used a strategy to monetise a state-backed bank stake in Portugal (Novo Banco) — reportedly pocketing about €5bn while exiting without major penalties — South Korea intervened to stop the same playbook from succeeding at a Korean bank backed by public support. The episode highlights divergent regulatory outcomes across jurisdictions: stronger Korean safeguards and political scrutiny protected the public interest and state budget, while Portuguese arrangements enabled a lucrative, low-accountability exit for a private investor. The contrast underscores how supervision, takeover rules and fiscal exposure shape investor returns and public risk in cross-border bank restructurings.