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Nomura says it is buying Lehman's European units

Japan's largest brokerage said it has reached a deal to buy the European and Middle Eastern operations of bankrupt US investment bank Lehman Brothers Holdings Inc.

business Updated: Sep 23, 2008 20:07 IST

Japan's largest brokerage, Nomura Holdings Inc, said on Tuesday it has reached a deal to buy the European and Middle Eastern operations of bankrupt US investment bank Lehman Brothers Holdings Inc.

The deal came just a day after Nomura's announcement to buy Lehman's Asian businesses for US$225 million.

Nomura did not announce a price tag for the acquisition of Lehman's European and Middle Eastern units.

"This transaction will significantly extend our European footprint and international reach, enabling us to realize our strategy of delivering Asia to the world," Kenichi Watanabe, Nomura's CEO, said in a statement.

The Japanese brokerage giant said it would take over Lehman's equities and investment banking operations in Europe and the Middle East. There is around 2,500 staff for Lehman's European and Middle Eastern operations. Nomura said "a significant proportion" of them would be retained after the takeover.