Standard Chartered 'considers South Africa's Nedbank'
Standard Chartered is said to be in the process of organising a multi-billion euro takeover of Nedbank.The Telegraph reports that Head of Standard Chartered Peter Sands is considering the acquisition of the majority share in Nedbank to expand Standard Chartered's position on the continent. According to the Telegraph, the move would give Standard Chartered a larger market presence in South Africa. It currently operates in a number of countries across Africa.
It stated: "Nedbank, which is valued at about £6.6 billion (€7.7 billion), would give the Asia-focused bank scale in Africa's biggest economy to support its existing African business and tap into trade flows between its markets." Earlier this year, Nedbank, one of sub-Saharan Africa's biggest banks, promised to help entrepreneurs in South Africa to overcome the challenges of setting up a business. It stated most companies fail in the first two years because of limited access to finance and a lack of support for developing skills and training.
As such, it said its Nedbank Small Business Services would provide start-ups in the country with access to finance and affordable practical and banking advice.