HSBC in Talks to Buy Controlling Stake in South Africa's Nedbank
HSBC is in talks with insurer Old Mutual, which currently owns the stake, BBC News reported. HSBC is aiming to acquire as much as 70% of Nedbank in a deal worth as much as 49.9 billion rand ($6.8 billion).
HSBC is aiming to expand its emerging market business, including its existing presence in South Africa. In the first six months of the year, HSBC posted pre-tax profits of $11.1 billion. The only unprofitable region was North America, where HSBC saw losses of $80 million.
Nedbank described HSBC as "an attractive international banking partner."