HSBC ends pursuit of Nedbank

Banking giant HSBC has called off plans to buy a controlling stake in South Africa’s fourth largest bank, it was revealed today.

HSBC ends pursuit of Nedbank
Fri, 15 Oct, 2010 - 13:49

Banking giant HSBC has called off plans to buy a controlling stake in South Africa’s fourth largest bank, it was revealed today.

The group ended takeover talks worth a reported £5bn (€5.7bn) with Old Mutual over its 70% stake in Nedbank ahead of this weekend’s deadline for the completion of a two-month period of exclusive discussions.

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CourtsBusinessHeathrowPlace: South AfricaPlace: UKPerson: Bruce PackardOrganisation: HSBCOrganisation: NedbankOrganisation: Old MutualOrganisation: Standard CharteredOrganisation: London Stock Exchange
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