HSBC set to buy South Africa’s Nedbank
HSBC Holdings Plc
has emerged the frontrunner to buy a controlling stake in Nedbank,
South Africa’s fourth-largest bank, in a deal that could be announced
as early as Monday, the Financial Times quoted people familiar with the
talks as saying.
HSBC, Europe’s
biggest lender, was set to pip its emerging markets rival, Standard
Chartered, to the post in the race for what could be the last big South
African bank that regulators allow a foreigner to buy, the Financial
Times reported on Saturday.
Nedbank is
controlled by Anglo-South African insurer, Old Mutual, which is
undergoing a strategic overhaul to slim down its complicated structure.
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