Fitch puts Imperial Bank on positive watch

Fitch Ratings said it placed Imperial Bank Ltd.'s A+(zaf) national long-term rating, its F1(zaf) national short-term rating and the A(zaf) rating national long-term rating assigned to its subordinated debt on Rating Watch positive. The support rating was affirmed at 2.

The Rating Watch positive follows Nedbank Ltd.'s announcement that it entered into a non-binding memorandum of understanding in which it has agreed to acquire the remaining 49.9% stake of Imperial Bank from Imperial Holdings Ltd.

Imperial's ratings reflect the strong perceived level of support that it enjoys from Nedbank, the agency said, and the transaction would make it a wholly owned subsidiary of Nedbank.

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