(3 Minutes Read)
FirstRand, the continent’s biggest lender by market value, has said it’s open to acquisitions in its home market. Africa’s biggest economy has seen renewed investor interest after the formation of a new government earlier this year
HSBC Holdings is in talks to sell its South African corporate banking unit to FirstRand’s Rand Merchant Bank, according to some reports.
Sources said a deal has not yet been finalized and there is no guarantee that the transaction will close. HSBC also has an equities business in South Africa that it plans to sell, the people said. HSBC’s plan is part of its strategy to shed businesses in many parts of the world and boost investment in Asia. However, both sides have yet to confirm or comment on the development.
FirstRand, the continent’s biggest lender by market value, has said it’s open to acquisitions in its home market. Africa’s biggest economy has seen renewed investor interest after the formation of a new government earlier this year.
Read Also:
https://trendsnafrica.com/stock-market-in-sa-hawkish/
The Johannesburg-based lender’s shares have risen 15% this year, outpacing the 6.4% gain on the FTSE/JSE Africa All Shares Index. HSBC has been operating in South Africa since 1995. The company recently sold its retail and business banking units in Mauritius to Absa Group.
