HSBC abandons talks to acquire Nedbank

HSBC Holdings Plc, Europe’s largest bank, abandoned a bid to buy a $7.3 billion controlling stake in South Africa’s Nedbank Group Ltd, less than three weeks after replacing its chairman and chief executive officer. The London-based lender had been in talks for eight weeks to buy as much as 70 percent of Nedbank, including a 52 per cent stake owned by Old Mutual Plc, Africa’s biggest insurer. HSBC didn’t say why the talks broke down in a statement today. HSBC sought to acquire Nedbank, South Africa’s fourth- largest lender, to help it expand in emerging markets.