HSBC May Be Interested In Old Mutual's Nedbank Stake

HSBC HBC is reportedly interested acquiring the 70% of Nedbank NDBKY owned by U.K.-based Old Mutual in an effort to expand in Africa. Nedbank is South Africa's fourth-largest lender. A sale to HSBC may be the largest banking deal in Africa this year given Nedbank’s market value of $9.2 billion, according to Bloomberg News. In a statement, South Africa-based Nedbank called HSBC an "attractive international partner." The bank accounted for more than 12% of Old Mutual's 2009 revenue, Bloomberg reported.