Instant knowledge, just add reader
28 March 2017 06:11 (South Africa)
Politics

HSBC could buy up to 70% of Nedbank

  • Politics

Old Mutual and HSBC confirmed that they are in exclusive talks over Nedbank, which the insurer owns a controlling stake in. Old Mutual said HSBC could acquire a 70% stake in Nedbank, a deal worth an estimated R49.9 billion. Regulators have declined to comment on whether the Chinese bank will get the necessary clearance to make a take-over bid. HSBC  must still pass a barrage of tests before making a bid, which includes due diligence tests and regulatory approvals. Officials with Nedbank said that if the take-over is successful, the bank would still be listed in the Johannesburg and Namibian stock exchanges. Read more: Reuters Africa and TimesLive.

0
  • Politics

Get overnight news and latest Daily Maverick articles





Do Not Miss

Daily Maverick has suspended comments on the site. Until the interwebs figures out a better way to deal with the naughty kids in the class, the space for your comments is on our Facebook page and the Twitterverse.

Alternatively, you are welcome to send a letter to the editor.