KDB confirms Lehman talks; Korea bank shares fall Reuters

Korean banks, sending Lehman shares higher on the other hand miserable limited bank shares. Lehman, which has racked up crippling losses and even bears bounteous than $60 billion of morgage and commercial absolute estate exposure, is under impulse to stand money ahead of its emoluments report this month. The No. 4 U.S.

Our CEO said talks are in fashion and cannot remark the content of them," KDB spokesman Sung Joo-young said, referring to Manager Executive Min Euoo-sung. Min ran Lehman's Korea operations until June. Shares of Lehman rose another than 3 percent in forenoon commerce on the Late York Inventory Exchange.

The firm's stock has soared 27 percent thanks to August 19 amid hypothesis Lehman would strike a deal that would hoist needed funds. On Aug 22, Reuters reported that KDB was considering investing in Lehman, the fundamental in a series of reports that indicated Lehman's rescue may come from Seoul. Lehman's shares slumped added than 70 percent this year and trade at approximately half their volume value, even another casualty of the contemporary credit crunch.

Lehman, which currently has a expenditure of about $11 billion, declined to comment. Buying a top bank could sling South Korea's financial services firms into the top ranks of global investment houses, which hog been battered by massive mortgage write-downs, and which carry seen their participation prices tumble. Trembling Continued.. As well On Reuters Crisis?