Nomura buys part of Lehmans

Grovelawn Financial News 25/09/2008

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Two divisions go for $2

Nomura the Japanese bank has paid a nominal $2 for some of the parts of the now defunct bank Lehman Brothers. It is hoped that the 2,000 jobs in the London based arm of the investment bank will he given a life line. A spokes person for Pricewaterhousecoopers, the administrators, said it would take longer to sell the asset management division but that it had received some enquiries from interested parties.

The acquired divisions include the equities and investment banking, with delays in selling the fund management assets of the bank. A spokesperson for Nomura said that it was confident that it would retain a level of the 2,500 staff in equities and investment banking but it would not be retaining any of the trading assets or liabilities. The company’s pension fund, with a conservative deficit of around £150 million, would not be taken over by the bank

The questions of where the business would be located and how the two companies would integrate have not been answered; Nomura currently has over 1,500 employees in its existing London location.

← TSB confirms its takeover terms | News For September 2008 | US $700 billion bail out rejected →

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