Nedbank Group Limited (JSE:NED) is in final stages of acquiring a majority stake in Banco Único, SA, Chief Operating Officer Mfundo Nkuhlu said on May 12, 2016. Nedbank already owns 38.3% stake and recently expressed its intention to be a controlling shareholder of Banco Único in 2016. Mfundo Nkuhlu stated that Nedbank had gone through the necessary approval processes with its own board and the SA Reserve Bank. He said the transaction awaited approval from the Mozambique side. He stated: “We are in the last steps of that process.”