Old Mutual Still Looking At Selling Stake In Nedbank - CEO

Old Mutual PLC (OML.LM) is still looking at selling its majority stake in South Africa's Nedbank Group Ltd. (NED.JO), Old Mutual Chief Executive Julian Roberts said Thursday.

In 2010, Old Mutual was in talks to sell its 51.5% stake in South Africa's Nedbank Group Ltd (NED.JO) to HSBC Holdings PLC (HBC), but HSBC abruptly pulled out of the talks, with an HSBC spokesman saying to a South African newspaper that Nedbank "did not meet our own strict acquisition criteria."

"We're disappointed that HSBC pulled out of the transaction," Roberts told shareholders at the company's annual meeting.

"We are looking still at options. The bank is performing well, it is an important part of Old Mutual. And with the state of banking worldwide at the moment, we are cautious and happy with our position," he said.

"But I will say we look at different opportunities because our long term aim is to do what we think is the right thing for Nedbank and the right thing for Old Mutual which would be a sale," he said.

"That's the general path we're going but we are doing it cautiously and the market is not favorable for any transaction at the moment," Roberts said.

- By Vladimir Guevarra, Dow Jones Newswires. Tel. [phone], [e-mail]