20 February 2003
HSBC Bank plc (HSBC) is to increase its shareholding to 100 per cent in Equator Holdings Limited (Equator), acquiring the 40 per cent of the outstanding shares it does not own from Nedbank Africa Investments Limited (Nedbank), a full subsidiary of Nedcor Limited.
Equator is HSBC’s principal business in sub-Saharan Africa, with net assets of US$21.1 million at 31 December 2002. A recent strategic review of this business by HSBC concluded that 100 per cent ownership would enable Equator to be more closely integrated into the Group and thereby provide an enhanced service for Equator’s African customer base.
Notes:
1. Equator
Equator was founded in 1974 as a merchant bank to pursue trade finance opportunities exclusively in sub-Saharan Africa and has offices in Angola, Cote d’Ivoire, Ghana, Mozambique, South Africa and Uganda.
2. Nedcor
Nedcor is South Africa’s largest bank offering a full range of retail, commercial and corporate banking services including, corporate and project finance, trade and commodity finance, private banking. It has branch or subsidiary operations in Swaziland, Lesotho, Malawi, Hong Kong and London.
