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Old Mutual mum on Nedbank selloff talk

Johannesburg - UK emerging markets banking giant Standard Chartered and international wealth savings group Old Mutual [JSE:OML] have declined to comment on rumours that the parties are in talks with regards to Old Mutual possibly selling its 52% stake in South African banking group Nedbank Group [JSE:NED] to the UK group.

Both groups said that they do not comment on market speculation.

Sources close to one of the parties, however, said "there is nothing in the rumours".

Old Mutual said recently that since HSBC walked away from a potential deal, no further offers had been received and that the group would instead focus on supporting Nedbank's growth plans.

And Standard Chartered CEO Peter Sands was quoted recently as saying that capital raised last year by the group was intended for organic growth and not acquisitions.

Analysts have said that Nedbank would likely be considered too expensive to acquire.

It is understood that that was what caused HSBC to scupper the deal. Since the beginning of the year, Nedbank's stock has risen by almost 8%.

On Friday it closed at R143 per share, and on Monday it was trading between R140 and R142/share.

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