Biz Bits

Citi in The Bahamas may be the local player most affected by the Lehman Brothers — with it nonetheless suggesting only minimal impact stemming from that company's bankruptcy.

"Citi's current net exposure to Lehman Brothers Holdings Inc. and its subsidiaries is modest and is being actively managed in orderly fashion," the bank said in a statement sent to Guardian Business last Friday.

The statement follows reports that Citi was furiously writing off any assets on its books attached to Lehman with local execs locked away in meetings all day to discuss last week's collapse of investment house Lehman.

Although those links with Lehman are arguably liabilities to Citi, Guardian Business understands that the local company does not expect to report any losses as a result of its association with Lehman and business would continue as usual.