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Nedbank: HSBC Represents An Attractive Banking Partner

nedbank

On Monday, Nedbank Group Ltd. (NED.JO) said  that HSBC Holdings Ltd. (HBC), which is conferring about a takeover of the South African lender, seems to be an attractive international banking partner.

According to Nedbank, HSBC represents a shareholder of reference and likely to provide Nedbank with benefits which should improve its ability to strengthen its position in the South African banking sector.

It also believes there is a substantial opportunity for it to develop both within the South African and African markets in due course.

However the binding with HSBC is subject to a number of preconditions, which include due diligence of Nedbank Group by HSBC and a number of regulatory and other approvals.