No worries, Korea, there are plenty of bank assets to go around. While South Korea’s Military Mutual Aid Association pension fund says it’s thinking about throwing in with state-run Korea Development Bank for a piece of Lehman, Korea Asset Management Corp. is busily angling for a chunk of Merrill’s nonperforming loans – provided that both sides can come to an agreement on the asking price. More on the wranglings at hand.

South Korea’s Military Mutual Aid Association, a military pension fund, said Wednesday it might consider a joint investment in Lehman Brothers with state-run Korea Development Bank, reports the FT. But the fund said it has yet to receive a proposal from KDB, which confirmed Tuesday it was in talks about a possible investment in the US investment bank. Lehman is considering ways to raise capital ahead of its earnings report later this month and, say analysts, could take a further $4bn or more in writedowns. Separately, Reuters reports that Mitsubishi UFJ Financial Group has denied a media report that it has plans to invest in Lehman. Shares in Lehman rose in after hours trade after The Times of London reported that MUFG’s core banking unit was poised to enter the bidding for a substantial stake in Lehman. Separately, Lex looks at the latest blow to Lehman, the closure of the Ospraie Fund.

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