Johannesburg-based Nedbank Group, South Africa’s fourth-largest lender controlled by Old Mutual Plc, is in talks with Imperial Holdings to buy 50% stake in smaller asset-based financing firm Imperial Bank that it does not own.
Imperial Bank was incorporated into Nedbank in 1996, with Imperial Holdings owning the remaining 49.9%. Under a 2001 shareholder pact, Nedbank provides funding and Imperial Holdings provides access to the bank’s South African clients. The bank has four divisions offering vehicle, property, medical and supplier asset finance.
South Africa’s four major banks have ample cash on hand than regulators need, and have not reported losses, even as the economy plunged into recession. Nedbank said in a statement that further announcements will be made in due course.
No comments:
Post a Comment