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KDB CEO says no talks ongoing with Lehman
SEOUL (Reuters) - The head of Korea Development Bank said Friday that talks between the state-owned bank and Lehman Brothers remained "on hold," and declined to say whether they would start again.
"I am not having any discussions with Lehman now," KDB CEO Min Euoo-sung on the sidelines of a banking event.
"I don't know what's going on in the future," Min also said.
KDB had considered buying a stake in Lehman Brothers, the latest victim of the U.S. subprime mortgage crisis, but said on Wednesday it called a halt to negotiations because the two sides could not agree to terms and due to market conditions.
Asked whether KDB's proposal to Lehman had been officially rejected, Min said he was not in a position to comment.
Lehman, the fourth-largest U.S. investment bank, posted a record quarterly loss of $3.9 billion on Wednesday and is being forced into talks about a possible sale after the Wall Street investment bank's shares plunged again on Thursday, raising questions about its survival.
Lehman and U.S. officials were in intensive discussions about a number of options, including a complete sale, sources with direct knowledge of the talks said.
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(Reporting by Marie-France Han, editing by Keiron Henderson)
