HSBC in Talks to Buy Controlling Stake in South Africa's Nedbank

British bank HSBC (HBC) is in talks to buy a controlling stake in Nedbank, South Africa's fourth-largest bank.

HSBC is in talks with insurer Old Mutual, which currently owns the stake, BBC News reported. HSBC is aiming to acquire as much as 70% of Nedbank in a deal worth as much as 49.9 billion rand ($6.8 billion).

HSBC is aiming to expand its emerging market business, including its existing presence in South Africa. In the first six months of the year, HSBC posted pre-tax profits of $11.1 billion. The only unprofitable region was North America, where HSBC saw losses of $80 million.

Nedbank described HSBC as "an attractive international banking partner."


Increase your money and finance knowledge from home

Introduction to ETFs

The basics of Exchange Traded Funds and why ETFs are hot.

View Course »

Managing your Portfolio

Keeping your portfolio and financial life fit!

View Course »

Add a Comment

*0 / 3000 Character Maximum