HSBC Holdings Plc said that South Africa’s Nedbank Group Ltd. didn’t meet the company’s “strict acquisition criteria,” Business Day reported, citing Paul Harris, a spokesman for HSBC.
HSBC still wants to expand in Africa by acquiring banks or through organic growth, Harris said, according to the Johannesburg-based newspaper.
HSBC on Oct. 15 abandoned a bid to buy as much as 70 percent of South Africa’s Nedbank from Old Mutual Plc and other shareholders. The stake in Nebank is worth about $7.3 billion.
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