Old mutual Chief Julian Roberts was a difficult lie
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Former Chief Executive mutual tried a new approach to sponsorship of Nedbank Golf Challenge ditches South Africa. He had struck an agreement of. 58bn ￡ 4 sell promoter himself HSBC - or 52pc game at least Old Mutual in Nedbank.
It seemed a fairly decent stroke. But now the ball is boomeranged return. And, worse still, another potential buyer for issue - Standard Chartered - disappeared off the coast of greenery.Standard can have a further ￡ 3 United in its mad check trousers pockets after cash call this semaine.Mais can barely lift to improve the balance of the Bank and then embark on an adventure in South Africa.
Technically, Nedbank is the recently ousted CEO of the HSBC Michael Geoghegan.Mais Roberts would be wrong to blame the collapse of its sale to a change of Captain of the team.Looted books of the Nedbank through HSBC has just concluded the would pay more for.
Roberts was not his next shot easier by telling shareholders that - to cut the debt of the insurer and to focus on asset management - strategy relied on the sale of the holding of Nedbank.Il is surprising shares fell just 4.75pc.Il may have to reduce its prix.Car there is only one word to where it is now: severed.
Alistair.Osborne@Telegraph.co.UK
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