HSBC eyes multi-billion dollar African acquisition

HSBC is close to buying South Africa's fourth-largest bank, Nedbank, for at least $6.5 billion.

HSBC is in discussions with Old Mutual to acquire a controlling interest in Nedbank Group, a transaction that could have a value in excess of $6.5 billion.

In March, Old Mutual articulated a strategy to rationalise its portfolio and enhance focus on its core insurance business. Its stake in Nedbank, South Africa’s fourth-largest bank by market value, is part of the non-core portfolio. Old Mutual originated in South Africa in 1845, and is listed on both the London...

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