It was earlier in April when Michael Geoghegan, the chief executive of HSBC, made known his attraction toward Civets. He wasn't talking about the cat-like mammals, but to a cluster of nations that he thought had thrilling prospects for the decade to come.

The Civets, he claimed, may be on the verge of replicating the dynamic growth of the BRICs.

The hunt for a fine acronym commanded the order in which the countries were listed: Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa(CIVETS) . As HSBC makes a move on Mr. Geoghegan's prognosis, it is the last that has come first. The bulk stake in Nedbank that it is bargaining to acquire would not only give HSBC enable it to strengthen its involvement with the Asian customers that are increasingly its focus, but it would also give it a noteworthy presence in one of the Civets. China's craving for African possessions seems voracious and this deal would mean that HSBC would be even better placed to help meet it.

HSBC on Monday entered into exclusive talks to buy 70 per cent of Nedbank’s shares, including a 52 per cent stake held by Old Mutual, the insurer. The UK bank now has about two months to come up with a firm offer.

HSBC is understood to have signaled that it would be willing to pay more for the shares than its rival bidder, Standard Chartered, although a price will not be agreed until a formal offer is made.

Even though he would not then confirm reports that he was having an eye on Nedbank, Mr. Geoghegan said of South Africa in July that "it's geographically well positioned, has high influences from China and India, and is the gateway for doing business in Africa."