Lehman's (LEH) Desperate Global Search For Buyer Uncovers...Korean Military Pension Fund

Beggars can’t be choosers, and Lehman’s crack firesale team finally seems to be getting somewhere. A South Korean military pension fund, the Military Mutual Aid Association, may team with state-owned Korea Development Bank and take a stake.

A spokesman for the fund, Yang Sung-Kee said that, though the fund had yet to receive a proposal, it would welcome one from KDB. FT:

“We will consider investing in Lehman if KDB makes an offer for a joint bid,” said spokesman Yang Sung-Kee. But he added that the military fund has yet to receive a proposal from KDB.

KDB confirmed on Tuesday that it was in talks about a possible investment in the beleaguered US investment bank.

The Military Mutual Aid Association (MMAA) is one of Korea’s largest pension funds and has over $6.6 billion under management. And now it may be the proud owner of (part of) a demolished US investment bank!

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.