HSBC in talks for 70 percent of S.Africa's Nedbank
HSBC will aim to buy up to 70 percent of South Africa's fourth-largest bank from Old Mutual and minority shareholders, worth about 49.9 billion rand ($6.8 billion) at Friday's close.
Analysts at Rand Merchant Bank and Keefe, Bruyette & Woods valued the stake at up to $8.4 billion, assuming a premium of about 30 percent.. We take pride in our designs, quality, customer service, and Moncler our favors have on your customers and their guests.
HSBC has lagged rival Standard Chartered (STAN.L) in Africa and a deal would bulk up its presence as more of its Asian customers look to do deals on the resource-rich continent.
It also faces a growing threat from South Africa's Standard Bank (SBKJ.. Burberry bag bag is obviously a treasure, and for many reasons other than the fact they you'll have a great desi. Supply you peak jacket,polo outlet,canada goose,spyder ski with high quality an d service at bestparkas online shop.Free shipping, no hidden costs J), which is 20 percent owned by China's Industrial and Commercial Bank of China (1398.HK) (601398.SS), and is positioning itself as a full-service corridor to Africa.
"This is the right thing for HSBC to do if it wants to focus on emerging markets," said Dominic Chan, an analyst at BNP Paribas in Hong Kong.
"Trade between Africa and China has been growing very rapidly,. We supply top quality diesel jeans,skirt and more.You find the latest jeans clothing,Denim and Fasjeans clothing and HSBC doesn't have the same presence there as Standard Chartered, which makes this buy especially crucial if it wants to continue expanding there."
Shares of Nedbank and Old Mutual surged on the news, while HSBC edged higher. South Africa's rand rose slightly in early trade on Monday, helped by the news of the potential deal.
HSBC did not make the top 10 for investment banking or syndicated lending fees in sub-Saharan Africa in the first half of 2010, according to Thomson Reuters data. Standard Chartered was third in investment banking and top in syndicated lending.
South Africa's head of bank regulation, Errol Kruger, told Reuters on Monday it was too early to comment on the deal: "They still have to submit all the applications they need to go through and then we'll need to apply our minds to it."
HSBC will aim to buy up to 70 percent of South Africa's fourth-largest bank from Old Mutual and minority shareholders, worth about 49.9 billion rand ($6.8 billion) at Friday's close.
Analysts at Rand Merchant Bank and Keefe, Bruyette & Woods valued the stake at up to $8.4 billion, assuming a premium of about 30 percent.. We take pride in our designs, quality, customer service, and Moncler our favors have on your customers and their guests.
HSBC has lagged rival Standard Chartered (STAN.L) in Africa and a deal would bulk up its presence as more of its Asian customers look to do deals on the resource-rich continent.
It also faces a growing threat from South Africa's Standard Bank (SBKJ.. Burberry bag bag is obviously a treasure, and for many reasons other than the fact they you'll have a great desi. Supply you peak jacket,polo outlet,canada goose,spyder ski with high quality an d service at bestparkas online shop.Free shipping, no hidden costs J), which is 20 percent owned by China's Industrial and Commercial Bank of China (1398.HK) (601398.SS), and is positioning itself as a full-service corridor to Africa.
"This is the right thing for HSBC to do if it wants to focus on emerging markets," said Dominic Chan, an analyst at BNP Paribas in Hong Kong.
"Trade between Africa and China has been growing very rapidly,. We supply top quality diesel jeans,skirt and more.You find the latest jeans clothing,Denim and Fasjeans clothing and HSBC doesn't have the same presence there as Standard Chartered, which makes this buy especially crucial if it wants to continue expanding there."
Shares of Nedbank and Old Mutual surged on the news, while HSBC edged higher. South Africa's rand rose slightly in early trade on Monday, helped by the news of the potential deal.
HSBC did not make the top 10 for investment banking or syndicated lending fees in sub-Saharan Africa in the first half of 2010, according to Thomson Reuters data. Standard Chartered was third in investment banking and top in syndicated lending.
South Africa's head of bank regulation, Errol Kruger, told Reuters on Monday it was too early to comment on the deal: "They still have to submit all the applications they need to go through and then we'll need to apply our minds to it."
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