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HSBC Says Nedbank Didn’t Meet its ‘Criteria,’ Business Day Says

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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