S. Korean bank in talks to buy Lehman

Korea Development Bank is in talks to buy a stake in Lehman Brothers Holdings Inc, the fourth-biggest US securities firm.

Chief Executive Officer Min Euoo Sung confirmed the discussions in an interview in Seoul yesterday. "I cannot comment further," said Min, who headed Lehman's Seoul branch before joining the Korean bank in June. Matthew Russell, a Hong Kong-based spokesman for Lehman, declined to comment.

An investment from Korea Development would help Lehman Chief Executive Officer Richard Fuld shore up the company's finances following $8.2 billion of writedowns.