Lehman and KDB Edge Closer to Deal

Korea Development Bank has confirmed that it is in talks with Lehman Brothers about investing in the firm.

Min Euoo-sung, KDB’s new chairman and a former head of Lehman in Korea, has previously said that the lender would actively seek overseas takeovers. He said the fallout from the US subprime crisis provided an opportunity for KDB.

Shares in Lehman have fallen more than 70 per cent since the beginning of the year.