Washington Post – State-controlled Korea Development Bank (KDB) proposed buying 25 percent of Lehman Brothers (LEH.N) for up to $5.3 billion, a newspaper reported, but other Korean banks rumored to be joining a KDB bid consortium denied they were involved.

Daily Chosun Ilbo also reported on Wednesday that top European bank HSBC Holdings (HSBA.L) (0005.HK), several U.S. hedge funds and an unidentified Chinese bank were among other potential buyers of Lehman, the fourth-ranked U.S. investment bank.

KDB had confirmed on Tuesday it was in talks with Lehman over a possible joint investment with other Korean banks, but declined to give details of its negotiations. On Wednesday, it said it was still unsure whether there would be a deal.

"Korea Development Bank has considered M&A deals in foreign investment banks including Lehman Brothers, and asset management companies, as part of its privatization and competitiveness efforts, but nothing has been decided yet," it said in a statement.

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TOKYO, June 27 (Reuters) – Japan has relaxed its tax code so foreign asset managers and hedge funds can avoid dual taxation, as part of Tokyo’s push to revive itself as a global finance centre.

In a two-step process that began in April with the revision of a cabinet order and finished on Friday, the government has retooled tax rules so offshore funds can avoid being classified as having a "permanent establishment" in Japan.

Faced with sluggish growth and a rapidly shrinking population, the world’s second-largest economy is desperate for foreign investment and is especially keen to woo hedge funds, which have an estimated worth of $2 trillion globally.

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Tags: fourth-quarter, global-city, investment-arm, jose-alberto, managing-partners, pariah, singapore, spokeswoman

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