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HSBC walks away from Nedbank

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HSBC walks away from Nedbank

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HSBC has ended its attempt to buy a majority stake in South Africa’s Nedbank without saying why.

It had been in exclusive talks with Anglo-South African insurer Old Mutual over the purchase.

HSBC, which is Europe’s biggest bank, is now left without a convincing strategy in Africa, where it is keen to expand.

Analysts said its rival Standard Chartered could now move to buy Nedbank.