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The source, who had direct knowledge of the deal, did not say how much it was worth, nor did he say if certain Lehman units were excluded from the agreement.
Lehman Brothers last week filed for bankruptcy protection after collapsing from exposure to risky subprime mortgage securities. British Bank Barclays struck a $1.75 billion deal to rescue Lehman's core
A source with knowledge of the matter told Reuters that Standard Chartered was also interested in Lehman's Asian assets. Barclays was interested in parts of Lehman's European equities and equity capital markets businesses.
Lehman, once the fourth-biggest
Lehman's net revenue from Asia-Pacific in January-June was $1.4 billion, nearly matching the whole of 2006 and accounting for roughly 20 percent of the bank's overall revenues.
Nomura executives visited Hong Kong over the weekend to propose buying Lehman's flagship stockbroking and investment banking divisions in
"Nomura's proposals are the most competitive and put it in the leading position," one of the sources said. The sources declined to be identified due to the sensitivity of the issue.
Wataru Kasatani, senior financial analyst at Meiji Dresdner Asset Management, said Nomura has been aiming to expand its investment banking business globally.
"Nomura's global hub for this business is
A source close to the matter said separately that Samsung Securities officials were also in
ASIA REVENUES
Lehman has around 3,000 employees in Asia in 10 offices, with roughly 1,300 in
The
Lehman ranks 2nd behind JPMorgan in year to date M&A rankings in Asia ex
Shares in Nomura, regarded as a domestic powerhouse, rose 8 percent in
Last week, an unsourced Business Standard report said Indian outsourcing firms Wipro Technologies, and Copal Partners may bid for Lehman's Indian back-office unit, which employs 1,200 staff providing equity research and analytics support for its M&A business.
Lehman hired investment bank Rothschild to advise it on the sale of its
KPMG was also involved in the talks after being appointed as provisional liquidator to Lehman's
On Sunday, more than 100 angry
PricewaterhouseCoopers is acting as administrator for Lehman's European business, and is expected to move quickly as delays would cause Lehman to lose customers and staff.
British Prime Minister Gordon Brown said on Saturday he was pushing the
Administrators winding up Lehman's European business have questioned why that amount was transferred to
Photo: Reuters