HONG KONG: HSBC Holdings Plc has emerged as 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.
A HSBC spokeswoman declined to comment on the report on Sunday.
In July, a media report said HSBC may bid for Nedbank, a potential $4.4 billion deal that would give HSBC bigger profile in fast-growing Africa. HSBC had appointed investment bank Lazard to advise on the possible takeover, Sky News said.
Nedbank's is controlled by Anglo-South African insurer Old Mutual, which is undergoing a strategic overhaul to slim down its complicated structure.
The Sprawling financial conglomerate sold its U.S. life insurance business earlier this month for $350 million but its Chief executive Julian Roberts declined to comment on whether the restructuring will also include a sale of Old Mutual's flagship asset, its majority stake in Nedbank. - Reuters
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.
A HSBC spokeswoman declined to comment on the report on Sunday.
In July, a media report said HSBC may bid for Nedbank, a potential $4.4 billion deal that would give HSBC bigger profile in fast-growing Africa. HSBC had appointed investment bank Lazard to advise on the possible takeover, Sky News said.
Nedbank's is controlled by Anglo-South African insurer Old Mutual, which is undergoing a strategic overhaul to slim down its complicated structure.
The Sprawling financial conglomerate sold its U.S. life insurance business earlier this month for $350 million but its Chief executive Julian Roberts declined to comment on whether the restructuring will also include a sale of Old Mutual's flagship asset, its majority stake in Nedbank. - Reuters
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