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Banks such as the Woori and Shinhan Financial Group are taking keen interest in joining a consortium the Korea Development Bank is trying to form to jointly buy Lehman Brothers, the U.S.¡¯ fourth largest investment bank.
A financial industry insider said Tuesday that KDB sent to Lehman a proposal expressing its intention to buy 25 percent of the U.S. bank¡¯s shares for W5-6 trillion (US$1=W1,134) and is now awaiting the answer.
Woori and Shinhan reportedly discussed joining the consortium with KDB with the condition that they acquire a comparable amount of Lehman¡¯s stocks to KDB. This raises the likelihood of a Korean bank acquiring a global investment bank for the first time -- if the government does not oppose its bid and Lehman accepts the proposal, whose proposal reportedly includes a term that guarantees a priority right of KDB, so that it can increase its stake in the U.S. bank from 25 to 49 percent.
(englishnews@chosun.com )
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