UPDATE 5-HSBC in talks for 70 pct of S.Africa's Nedbank
* Old Mutual, HSBC in exclusive talks on Nedbank stake
* HSBC could buy up to 70 pct of Nedbank for over $8 bln
* Deal would give HSBC better foothold in Africa
* S.Africa Treasury: Nedbank already foreign owned
* Nedbank, Old Mutual shares climb; HSBC steady
(Adds comment from South Africa Treasury, bank regulator)
By David Dolan and Kelvin Soh
JOHANNESBURG/HONG KONG, Aug 23 (Reuters) - HSBC (HSBA.L: Quote) (0005.HK: Quote) is in talks to buy up to 70 percent of South Africa's Nedbank (NEDJ.J: Quote) in a potential $8-billion-plus deal that would give Europe's biggest lender a broader gateway to the fast-growing African continent.
HSBC and Anglo-South African insurer Old Mutual (OML.L: Quote) (OMLJ.J: Quote), which owns a 52 percent stake in Nedbank, said in separate statements on Monday they were in exclusive talks. Continued...