HSBC considers Nedbank bid
UK firm reportedly interested in South African bank
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
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