In These New Times

Having , no doubt, consulted with their colleagues at Korean Investment Corporation, the Korean Development Bank will be in a good position to make a bid for Lehman commensurate with its actual value, which can’t be very much.

The Irish Sun

23rd August, 2008

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Lehman Brothers in talks over sale of $40 real estate assets

A Korean bank has expressed interest in buying struggling US brokerage firm Lehman Brothers.

The Korea Development Bank in Seoul has said it is looking at options for a buyout of the US bank which has lost three-quarters of its value this year as investors worried about potential losses on the firm’s big mortgage portfolio.

While the Korean Development Bank is likely to make an offer, it is believed the New York-based brokerage firm first approached sovereign wealth fund Korean Investment Corp.

The past year has been busy for sovereign wealth funds and financial companies hit hard by the collapse of the credit crash.

Singapore’s Temasek has made two multibillion-dollar investments in Merrill Lynch, the state-run China Investment Corp. has put $5 billion into Morgan Stanley and Abu Dhabi has paid $7.5 billion for a large share of Citicorp.