South Africa’s Nedbank seeks to buy a stake in a failed Nigerian bank

By bne IntelliNews March 1, 2010
South Africas Nedbank Group Ltd,controlled by Old Mutual Plc, may seek a stake in one of the 10 failed Nigerianbanks, Bloomberg reported. The bank registered, along with its African partner,Ecobank Transnational Inc., with Nigerias central bank toinvestigate options, Mike Brown, CEO-designate, said. Three other South Africancompanies have already disclosed interest: FirstRand Ltd., Standard Bank GroupLtd. and Old Mutual. Ten of Nigerias24 deposit-taking lenders received government help last year. Since only about16% of Nigerians have bank accounts, the market offers extended growthopportunities.

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