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.

Read Complete Article

Tags: emirates, exchange-value, global-city, global-investment-funds, jp-morgan-chase, korean-institutions, lehman-brothers-holdings, mortgage-lenders, newcastle, nutmeg, pension-service, reactor

Reuters UK – Lehman Brothers has intensified talks with Korea Development Bank to raise as much as $6 billion (3.3 billion pounds) in a share sale that could be concluded this week, the Sunday Telegraph reported.

South Korea’s KDB KDB.L could buy up to 25 percent of the struggling U.S. investment bank, the paper said, without specifying sources. A spokesman for state-run KDB declined to comment.

A senior source at the Financial Services Commission FSC.L, told Reuters South Korean authorities would not oppose or support any deal until price details were known.

That appeared to mark a shift by the regulator, which previously said KDB should let local private banks take the lead in any international acquisitions, dashing hopes for a direct deal with Lehman.

Read Complete Article

Tags: december-31, fund-managers-in-singapore, investment-arm, investment-group, korean-institutions, lehman-brothers-holdings, nutmeg, pension-service, smart-move