International long-term savings group Old Mutual plc has scotched rumours that its South African banking subsidiary Nedbank is up for sale.

"Nedbank is not being sold," the group's London-based CEO for Long-term Savings, Paul Hanratty, who is on a visit to South Africa, said.

But he could not rule out that the bank — South Africa's fourth biggest — could be sold down the line.

"They have new management and want their business to grow and we want to grow our business, which is long-term savings. Down the line it might come to a battle for resources. By that I mean cash resources.

"But we'll cross the bridge when we come to it," Hanratty said.

"Right now, Nedbank is not for sale," he added, pointing out that the bank — although it had had problems in the past — was now a sound business.

There has been wide speculation of late that Nedbank is being sold, with global player Standard Chartered being mentioned as a possible suitor.