Shares in Japanese investment bank Nomura gained almost 10% on growing speculation that it had bought the Asian business of Lehman Brothers, reported BBC.
The lucrative Asian assets of the failed US bank include equity trading and investment banking operations.
The acquisition would allow Nomura, which has Japan's top mergers and acquisitions advisory service, to expand quickly outside the country.
It is also thought that Nomura wants to buy parts of Lehman's European assets.
Nomura shares jumped 9.6% in Tokyo to close at 1,430 yen on the reports.
Once Wall Street's fourth largest investment bank, Lehman filed for bankruptcy protection last week after it was brought to its knees by its huge exposure to risky residential and commercial loans, which have tumbled in value amid the credit crisis.
Its administrators are keen to move swiftly to find buyers for parts of its business which are still trading before the firm starts to lose staff and customers.
Lehman's investment banking operation ranks ninth in Asia and accounted for about a fifth of its overall revenue in the first six months of 2008.
Keen to snap it up at a knock-down price, a bidding battle had reportedly broken out with Nomura, Barclays, and Standard Chartered rumoured to be in the frame.
Lehman's Asian business has 10 offices employing about 3,000 employees, with the majority based in Tokyo and Hong Kong.
Meanwhile, Nomura is also reportedly battling for parts of Lehman's European business, which is headquartered in London.
Barclays has also been named as a contender after the UK bank agreed to pay $1.75bn for Lehman's North American investment banking and trading unit last week.