HSBC could buy up to 70% of Nedbank
- 23 Aug 2010 09:41 (South Africa)
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.