A week after filing for Chapter 11 bankruptcy protection, Lehman Brothers Holdings Inc. of New York has decided to sell its Asian operations to Nomura Holdings Inc. for an undisclosed amount.
The deal involves Tokyo-based Nomura’s taking over Lehman’s Asian franchises and roughly 3,000 employees in such Pacific-region countries as Japan and Australia.
“This is a once-in-a-generation opportunity, and we are delighted to be able to partner with Lehman Brothers' talented people to create one of the biggest independent global financial institutions that provides world-class investment-banking services to clients across the globe,” Kenichi Watanabe, Nomura's president and chief executive, said in a statement.
“We are honored to work with Nomura in building a platform which we believe offers tremendous potential, Jesse Bhattal, chief executive of Lehman Brothers Asia Ltd. of Hong Kong, said in a statement.
Nomura, which is Japan’s largest brokerage firm, is also eyeing parts of Lehman's European operations along with Barclays PLC, according to published reports.
Last week London-based Barclays agreed to acquire the former Wall Street giant’s North American investment-banking division for a fire sale price of $1.75 billion (InvestmentNews, Sept. 16).
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