HSBC looks set to gain a lucrative foothold in the South African banking market after entering exclusive talks to buy a controlling stake in the country's fourth-largest bank, Nedbank, in a deal that could be worth £4.5bn. Old Mutual put its 55% stake in the business up for sale earlier in the year and HSBC intends to snap up that shareholding as well as making an offer to other shareholders in Nedbank in order to obtain a total of up to 70%. HSBC, which already has a...
Full Story: Insurance Newsnet
