Business

Fitch to upgrade Nedbank on HSBC deal

11 April 2012

Ratings agency Fitch today said it was looking to upgrade its ratings on Nedbank if it is taken over by HSBC.

The UK bank is in exclusive talks to buy a 52% stake in South Africa's fourth-largest bank from Old Mutual and wants to lift the stake to 70%.

Fitch director Anthony Walker said such a deal would "strengthen and expand Nedbank's position in South Africa and its strategy of growing its African franchise".

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