South Africa's Nedbank to buy back shares from minority shareholders

South Africa's Nedbank Group Ltd said it will buy back its stock from shareholders who hold less than 100 Nedbank shares as a result of a spin-off by its biggest shareholder Old Mutual.

Old Mutual, which holds 52 per cent of Nedbank, has been dismantling its conglomerate structure, created after a series of acquisitions, since it moved its headquarters and primary listing to London in 1999.