Lehman closes sale of Asia Pacific franchise to Nomura Holdings

By Caroline Salls

Pittsburgh, Oct. 14 - Lehman Brothers Holdings, Inc. has closed the sale of most of its Asia Pacific franchise to Nomura Holdings, Inc., according to a Nomura news release.

The franchise includes Hong Kong, Singapore, Australia, India, Thailand and Japan.

According to the release, the majority of Lehman Brothers' employees in Asia Pacific have accepted Nomura's offer of employment. Nomura said this increased presence will significantly enhance its capabilities in the Asia Pacific region.

"Together with our new colleagues who joined Nomura from Lehman Brothers, we are now ready to work together closely to realize our goal of becoming a world-class investment bank that delivers maximum value to our clients and shareholders," Nomura president and chief executive officer Kenichi Watanabe said in the release.

New York-based Lehman Brothers Holdings is the fourth largest investment bank in the United States. The company filed for bankruptcy on Sept. 15 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-13555.

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