Hilary Joffe Columnist

Old Mutual will cut its stake in Nedbank from 54% to 19.9% in the end stages of its managed separation process, unbundling the Nedbank shares to shareholders after it has listed its SA and emerging markets business in Johannesburg in 2018. This will mean that none of SA’s big banks will have a majority shareholder after  UK-based Barclays reduced its controlling stake in Barclays Africa (Absa) to 14.9% earlier in 2017. London-listed Old Mutual said earlier in 2017 that it planned to distribute most of its Nedbank stake to shareholders as part of the process in which it is breaking itself up into its four component businesses in the UK, SA and US in a bid to get rid of the discount at which it is trading on the market. However, the group disclosed on Wednesday for the first time how much of the banking group it planned to keep, saying the remaining minority holding in Nedbank would provide a foundation for the continued strategic relationship between the two entities. Its announcemen...

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