Belfast Telegraph

HSBC eyes £4.5bn stake in Nedbank

HSBC is expected to announce plans to buy a majority stake in South Africa's Nedbank, spending as much as £4.5bn on the deal.

Reports at the weekend suggested that the announcement could come as early as this week, after the British lender fought off competition from emerging markets specialist Standard Chartered for the holding owned by the insurer Old Mutual.

Nedbank, one of South Africa's biggest financial institutions, already operates in more than 30 African countries, giving HSBC access to a number of key developing economies.

Old Mutual is selling the stake after being forced to sell non-core assets because it was hit by the credit crisis. It is understood that the company has rejected past bids for Nedbank

Belfast Telegraph