Monday, HSBC unveiled its plans to acquire South Africa's fourth-biggest bank Nedbank.

Thus far, Europe's biggest bank is currently in exclusive talks with Anglo-South African insurer Old Mutual to buy Nedbank.

According to the HSBC’s statement, the discussions are ongoing and if successfully concluded would be conditional on, among other matters, obtaining the necessary regulatory approvals.

Previously, Old Mutual had obtained a bid from HSBC to buy a 70% stake in Nedbank.