In an interview with Reuters, Errol Kruger, registrar of banks and head of banking supervision in South Africa, said that a bid for a controlling stake in the South African financial services provider has yet to be drawn up.
HSBC was recently thought to have been in talks with the bank to acquire a 70 per cent stake from insurance firm Old Mutual for almost $7 billion.
Mr Kruger told the news provider: âA decision is unlikely before the end of the year."
"We haven't yet received a formal application yet. They (HSBC) need to submit a request to the board after their due diligence, probably about eight to ten weeks from last week.â
Old Mutual owns a 52 per cent stake in Nedbank and was reported to be in exclusive talks with HSBC over a potential deal.
HSBC is thought to have beaten competition from Standard Chartered to gain exclusivity rights to talks with the insurance firm.
By Jim Ottewill