Lehman Australia snapped up by Nomura

chief executive

24 September 2008
| By Internal |

The Asian operations of Lehman Brothers have been acquired by Japan’s largest broker, Nomura Holdings.

Nomura Holdings has agreed to acquire Lehman Brothers’ businesses in the Asia-Pacific region, which includes Australia and Japan.

Under the terms of the transaction, all employees in the Asia Pacific will be offered employment with Nomura, the broker said. This would extend to approximately 100-150 Lehman Brothers Australia staff.

The deal includes all of Lehman Brothers’ franchises and approximately 3,000 employees across various locations in the Asia-Pacific region, but does not include any trading assets or trading liabilities.

Nomura said the “partnership” would enable it to strengthen its wholesale business and “further realise its strategy of delivering Asia to the world”.

Nomura Holdings president and chief executive Kenichi Watanabe said the deal will “significantly extend” the broker’s reach in Asia.

“We see immediate strategic benefits, delivering the scale and scope to realise our vision to be a world-class investment bank.”

Watanabe called the Lehman businesses “hugely successful with excellent management and staff” and the acquisition “a once-in-a-generation opportunity”.

“Our ability to capitalise on this opportunity in spite of such volatile markets reflects our financial strength and demonstrates how well we have managed the credit crisis. This deal is validation for our strategy,” Watanabe said.

The transaction is subject to a number of conditions.

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