HSBC is in exclusive talks to acquire a
majority stake in South Africa’s Nedbank Group Limited, owned by
Old Mutual. The stake is understood to be about 70%.
Nedbank Wealth, the private banking arm of the
South African bank, reported assets under management of ZAR97.4bn
($13.4bn) to 30 June 2010, a 17.6% increase from the first six
months in 2009.
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The purchase would put HSBC on a good footing
to compete in Africa with the wealth arms of Standard Chartered,
Investec, Standard Bank and Absa Wealth, the Barclays-owned South
African bank.
Africa wealth potential
Estimates put Africa’s wealth potential at
between $1trn and $1.7trn, with an estimated 20% of this based in
South Africa.
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By GlobalDataAccording to the 2010 Merrill Lynch/Capgemini
World Wealth Report, the number of high net worth individuals in
Africa has increased more than 13%, the third-highest regional
growth rate behind Asia-Pacific and North America.
Nedbank Wealth recorded profits of ZAR133m
over the first six months of 2010.
Nedbank, which claims to be South Africa’s
fourth largest banking group by total assets, also owns offshore
bank Fairbairn Private Bank.
