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HSBC considers Nedbank bid

UK firm reportedly interested in South African bank

08 July 2010

HSBC are considering launching a takeover bid for Nedbank, it has been claimed.

The UK bank is enlisting the services of investment bank Lazard to advise on any possible takeover deal for the South African banking group, reports skynews.com.

London-based insurance group Old Mutual is the majority-owner of Nedbank, which has been the subject of takeover speculation in recent months.

Mark Kleinman, reporter for Sky News, stated that, despite the appointment of Lazard, negotiations are yet to take place.

He said: "There are no live talks taking place at the moment between Old Mutual and potential buyers of its Nedbank stake."

In May, Standard Chartered hired Goldman Sachs to assist in potential acquisition talks, although no formal bid was made.

It is believed the South African government would prefer HSBC to launch a bid, as it provides a more stable alternative to Standard Chartered.

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