Newspaper article The Evening Standard (London, England)

HSBC 'Joins Chinese Bid Team for Beleaguered Lehman'

Newspaper article The Evening Standard (London, England)

HSBC 'Joins Chinese Bid Team for Beleaguered Lehman'

Article excerpt

Byline: BILL CONDIE

HSBC has reportedly teamed up with a Chinese bank to launch a bid for Lehman Brothers against Korea Development Bank (KDB).

A report in a Seoul business newspaper did not identify the Chinese lender. HSBC was not available for comment on the report.

Beleaguered Lehman has also attracted interest from top US hedge funds while KDB, which has confirmed it is in talks, has proposed buying a 25% stake for up to $5.3 billion (?2.97 billion).

The Seoul report said KDB would be given an option to raise its stake to 50% later. KDB will not comment.

Last month HSBC reported a 28% fall in first-half profits to $10.2 billion. Chairman Stephen Green described current conditions as "the most difficult financial markets for several decades." He suggested that Asia, the powerhouse of HSBC's growth, might have "less momentum" than in recent years.

HSBC would face harsh criticism from its most vociferous shareholder, Knight Vinke. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.