Company Data
| Last traded |
R18.74 |
| Change |
R-0.11 |
| % Change |
-0.58% |
| Cumulative volume |
8.89m |
| Market cap |
R91.29bn |
| Last traded |
R168.34 |
| Change |
R-0.80 |
| % Change |
-0.47% |
| Cumulative volume |
299,281 |
| Market cap |
R85.43bn |
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Johannesburg - After months of speculation, Old Mutual [JSE:OML] has confirmed that HSBC, Europe’s largest lender, will bid for its stake in Nedbank Group [JSE:NED].
HSBC has been granted a period of exclusivity to review the Nedbank operations.
The markets have been speculating that either HSBC or Standard Chartered would make a move on Old Mutual’s 53% stake in Nedbank.
HSBC is the world’s fourth largest banking group with a market capitalisation of $170bn (R1.3 trillion).
“Earlier this year Old Mutual announced a change in strategy to build a long-term savings, protection and investment group. This led to Old Mutual re-evaluating several of its investments which may not be aligned with its new vision and strategy, including the investment in Nedbank Group,” said Dr Reuel Khoza, chairperson of Nedbank.
Nedbank chief executive Mike Brown said there would be benefits for Nedbank stakeholders.
“We believe a strong international banking partner could accelerate the delivery of our vision. A global bank as a controlling shareholder could provide access to financial, technical and operational support to improve our competitive position in South Africa and the greater African continent for the benefit of all its stakeholders, including employees, customers and investors,” Brown said.
The transaction is subject to a due diligence process and regulatory approvals, including the South African Reserve Bank and the minister of finance.
The Financial Times earlier reported that HSBC pipped its emerging markets rival Standard Chartered to the post in the race for what could be the last big South African bank that regulators allow a foreigner to buy.
Old Mutual is undergoing a strategic overhaul to slim down its complicated structure.
The sprawling financial conglomerate sold its US life insurance business earlier this month for $350m.
- Fin24.com