HSBC CEO: Need To Be In Africa In A Bigger Way

9th Jul 2010 09:55

By Patricia Kowsmann Of DOW JONES NEWSWIRES LONDON (Dow Jones)--HSBC Holdings PLC (HBC) Chief Executive Michael Geoghegan said Friday that his bank's operations in Africa need to have a "bigger format". In a speech in London, Geoghegan, who is based in Hong Kong, also said he sees South Africa as part of a new group of countries that will rival the so-called BRIC group--composed of Brazil, Russia, India and China--as future economic powers. That new group would also include Colombia, Indonesia, Vietnam, Egypt and Turkey, he said. Geoghegan's comment comes after recent media reports that HSBC has appointed investment bank Lazard to advise on a possible takeover of South Africa's Nedbank Group Ltd (NED.JO), which is 54%-owned by U.K. listed Old Mutual PLC (OML.LN). -By Patricia Kowsmann, Dow Jones Newswires. Tel +44(0)207-842-9295, [email protected] (END) Dow Jones Newswires July 09, 2010 04:55 ET (08:55 GMT)