From correspondents in London, England, 06:33 PM IST

Britain's Barclays bank, which had been among potential bidders for Lehman Brothers, said Monday it ruled out a bid which would not have been in the interest of shareholders.

In a statement in London, Barclays said, 'We confirm that Barclays considered a combination with Lehman Brothers and did not proceed because it was not possible to conclude a transaction in the best interests of Barclays shareholders.'

In Britain, Lehman employs around 5,000 staff at its regional headquarters in Canary Wharf, London, and at offices in High Wycombe, in the county of Buckinghamshire, north-west of London.

Meanwhile, financial regulators in Germany slapped Monday a freeze on dealings by the Frankfurt branch of Lehman Brothers, just hours after the US parent said it would file for bankruptcy protection.

The subsidiary, Lehman Brothers Bankhaus AG, has branches of its own in Milan in Italy, the South Korean capital Seoul and in London.

The Bonn-based financial-services regulator BaFin said the unit was barred from selling assets or making payments. It was also not allowed to accept any payments except those in repayment of debts owed to Lehman.

The order was aimed at protecting Lehman assets which will be needed to settle liabilities of 14.3 billion euros (about $20.38 billion) to institutional customers.

(Staff Writer, © IANS)