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No plans to buy Lehman's India assets: SBI

Source: PTI
September 22, 2008 17:35 IST
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State Bank of India scotched rumours on Monday that it will be among the several lenders that would purchase US Investment bank Lehman's Indian assets.

"SBI does not have any interests in purchasing Lehman's assets in India. There are no such proposals at present," a top SBI official told PTI in Mumbai.

Other banks, including Standard Chartered, were not forthcoming saying that they do not comment on speculations.

"We do not comment on such reports," StanChart's India Head, Neeraj Swaroop said.

Media reports said on Monday that SBI, StanChart, Barclays and BNP Paribas were in discussions with Lehman Brothers to buy Lehman's Indian business.

Reports had said that a clear picture on the issue will emerge in a week.

Lehman Brothers, the fourth largest seccuities firm in US, filed for bankruptcy last week after it posted massive losses and failed to survive the global financial crisis. 

Following the collapse of Lehman in US, Barclays had agreed to buy some parts of Lehman's assets for $1.75-billion.

Barclays and BNP Paribas were not available for comments.

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