Lehman to quit Thailand

Yet another overseas bank pulls out of Thailand.

Lehman Brothers is selling its Thai businesses to the units' senior executives in a management buy-out. Bankers and brokers in Bangkok say that Kittivalai Charoensombat-amorn, Lehman's country head in Thailand, is leading the group of investors.

A spokesman for Lehman refused to comment on rumours that the bank is in the process of selling both of its Thai businesses, Global Finance and Global Thai Securities, and that applications to the relevant authorities - the central bank and the securities regulator - have already been made. The decision would leave Lehman with no presence in south-east Asia outside Singapore.

If Lehman does withdraw it will not be a great surprise. Earlier this...

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