Lehman Europe sold to Asian bank
ASIAN investment bank Nomura has announced a deal to buy a chunk of stricken firm Lehman Brothers.
The company will snap up the European and Middle Eastern investment banking and equities businesses in a move which could save up to 2,500 jobs.
The buy-out includes offices in the UK, as well as the Netherlands, Germany, Sweden, Italy, Spain, Kuwait, Dubai and Qatar.
Administrator PricewaterhouseCoopers announced the deal after a week of uncertainty for the bankrupt Wall Street giant.
Staff at the company's Bank Steet headquarters in Canary Wharf filed out last Monday when Lehman filed for Chapter 11 bankruptcy, and were only recently told they would be paid this month.
Barclays snapped up the US wing of the company last week, but pulled back from the bidding for the European divisions yesterday. Nomura also acquired Lehman's pacific franchise on Monday, which includes Japan and Australia.
The Japanese investment bank - which has a UK office in the City - plans to run its new Lehman divisions as separate entities while it gets them up and running, and is expected to make decisions on how many staff are retained further down the line.
Nomura's CEO Kenichi Watanabe described the deals as "transformational" for the company.
He said: "This transaction will significantly extend our European footprint and international reach, enabling us to realize our strategy of delivering Asia to the world.
"Our immediate priority is to get the equity and investment banking divisions back in business operating under the Nomura name."
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