Standard Chartered buys Lehman unit in Brazil

LONDON: British-based emerging markets bank Standard Chartered said Monday that it has agreed to buy the Brazilian activities of failed US investment bank Lehman Brothers for an undisclosed amount.

"Standard Chartered announces that its local subsidiary in Brazil has entered into an agreement to acquire a specialist team and some fixed assets from Lehman Brothers Brazil," the British group said in a statement.

The Brazilian assets were worth approximately 4.3 million dollars (3.3 million euros), it said.

The purchase, expected to be completed before the end of November, is subject to regulatory approval.

Standard Chartered, which is focused on Asian, African and the Middle Eastern markets, already has 28 staff in Brazil.

"The transaction adds 14 staff to Standard Chartered's Brazil operations with specific capability in financial markets to support clients from footprint markets in Asia, Africa and the Middle East doing business with Brazil," the bank added.

Lehman Brothers -- which was America's fourth-biggest investment bank -- was the biggest name in international finance to fall prey to the credit crunch when it collapsed in September, sparking chaos on world stock markets.