Can Lehman build on Grange?

Bulge brackets move the outback to the forefront

Brutal competition for asset management

Tapping a growing rich list

It is widely accepted that a bank with no presence in Australia has to acquire to get one rather than hope to build it organically. People can also see the synergies between Lehman, whose strongest suit is debt, and Grange, whose only suit, arguably, is debt. It’s in two other areas that eyebrows get raised: the price paid and Lehman’s ambition to make its buy a full-service investment bank.