Prudential Plc said today that the timetable for stock exchange listings in Singapore and Hong Kong will be revised.
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Posts Tagged ‘prudential’
Prudential delays offering start amid capital talks
May 5th, 2010 |
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Prudential Plc, the British insurer buying American International Group Inc.’s main Asian unit, delayed the start of a US$21 billion ($29 billion) rights offer pending discussions with the U.K. regulator about its capital position.
“Prudential does not expect this to affect the overall timing for the completion of the transaction,” the London-based company said today in a statement. The talks with the Financial Services Authority relate to “the capital position of the enlarged group” after the takeover, Prudential said.
FSA halts Pru’s US$35b buyout plan of AIA
May 5th, 2010 |
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Prudential was forced to abandon plans to publish details of its US$21 billion ($29 billion) rights issue this morning, says The Times of UK.
The insurer had encountered last-minute regulatory issues with the Financial Services Authority over its planned US$35.5 billion acquisition of AIA in Asia.
Prudential Plc, AIG CEOs meet Asia staff; talk AIA future, jobs
March 4th, 2010 |
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Any job losses from Prudential Plc’s (PRU.L) planned US$35.5 billion ($49.7 billion) acquisition of American International Group’s (AIG.N) Asian insurance arm will be mainly in back-office operations and not among sales forces, the companies’ CEOs told staff in Asia, sources said.
Prudential CEO Tidjane Thiam and his AIG counterpart Robert Benmosche are leading a series of ‘town hall’ meetings across Asia that aim to allay concerns among staff of both companies.
Asian banks invited to help Prudential sell rights
March 2nd, 2010 |
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Asian banks including DBS Group (DBSM.SI) have been invited to help underwrite Prudential’s (PRU.L) US$20 billion ($28 billion) rights issue, sources with knowledge of the deal told Thomson Reuters on today.
The move suggests that Prudential’s main bankers, Credit Suisse (CSGN.VX), HSBC (HSBA.L) and JP Morgan (JPM.N) could reach out to Asian investors if the rights are not fully taken up, sources said.
Prudential taps Asian sovereign funds to finance AIA deal: FT sources
March 2nd, 2010 |
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UK insurer Prudential is tapping sovereign wealth funds in China and Singapore to help finance its US$35.5 billion ($49.9 billion) buyout of US insurance giant AIG’s Asian arm, an FT report said today, according to Dow Jones Newsires.
The Financial Times quoted unidentified sources as saying that Prudential and its advisers were in talks with the sovereign wealth funds to support a planned US$20 billion share offer for AIA.
It said the Singapore and China sovereign wealth funds had not made a final decision but their response was positive.
UK’s Prudential confirms to buy AIG Asia for US$35.5b
March 1st, 2010 |
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Britain’s Prudential (PRU.L) said it would buy AIG’s (AIG.N) Asian life insurance arm for US$35.5 billion ($50 billion), making it the undisputed foreign leader in one of the world’s fastest-growing financial services markets.
The acquisition of AIA will be funded by a rights issue of US$21 billion including costs and fees, the biggest ever acquisition-related cash call, and by a US$5 billion debt issue, Prudential said on Monday, confirming an earlier Reuters report.
Prudential said to consider issuing over 10% of shares to AIG
March 1st, 2010 |
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Prudential Plc plans to issue more than 10% of new shares to American International Group Inc. as part of a planned US$35 billion ($49.2 billion) bid for an Asia life unit, said a person familiar with the plan.
UOB gains 1.3%; fee income may get boost, says JPMorgan
January 7th, 2010 |
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UOB (U11.SG) gained 1.3% to $20.16 at 10:12 a.m., the best performer among Singapore banks, as its insurance distribution tie-up with Prudential fuels hopes of higher fee income.
“Instead of succumbing to competitive pressures from larger life insurers, the group’s alliance with Prudential in Asia offers new growth opportunities for its bancassurance business,” says Kim Eng Securities, which has “buy” call with a $23 target.
Prudential buys Singapore insurance firm for $428m: Update
January 6th, 2010 |
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Britain’s biggest insurer Prudential (PRU.L) is buying the life insurance unit of Singapore’s third-biggest lender UOB (UOBH.SI) for $428 million to beef up its presence in fast-growing Asia.
Prudential also entered into a 12-year partnership with United Overseas Bank to distribute insurance products through UOB’s branches in Singapore, Thailand and Indonesia, it said in a statement.
UOB inches up 0.3% as it sells insurance operations to Prudential
January 6th, 2010 |
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UOB (U11.SG) gained 0.3% to $19.80 after it resumed trading, on hopes the bank will return some cash to shareholders following sale of its insurance business to Prudential for $428 million.
Confirming earlier media reports, the bank announced the sale, saying it will at the same time distribute Prudential’s insurance products in Singapore, Indonesia, Thailand for an initial term of 12 years.
The bank did not reveal how much it will earn from the sale, but CIMB tips potential capital management exercise.
“UOB could reap additional extraordinary gains for its bottom-line this year and the market could speculate that the bank may consider issuing a special dividend,” says CIMB.
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Prudential to buy UOB’s Life Assurance unit for $428m
January 6th, 2010 |
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Prudential Plc, the UK insurer which makes more than a third of its sales in Asia, will pay $428 million for United Overseas Bank’s life assurance unit to expand in the region.
United Overseas, Singapore’s second-largest lender, will distribute Prudential’s life, accident and health insurance products in Singapore, Indonesia and Thailand for at least 12 years, the bank said in a statement to the Singapore exchange.
UOB to sell Life Assurance unit to Prudential for $428m
January 6th, 2010 |
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United Overseas Bank will sell its UOB Life Assurance subsidiary to Prudential Plc for $428 million as part of an agreement to form a regional bancassurance alliance, the Singaporean lender said in a statement to the stock exchange.
Prudential signs deal with Singapore’s UOB
January 6th, 2010 |
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British insurer Prudential (PRU.L) has signed a distribution deal with Singapore’s United Overseas Bank it hopes will boost its presence in the area and also in Indonesia and Thailand, the Financial Times reported.
Prudential signs deal with UOB, says Financial Times
January 6th, 2010 |
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British insurer Prudential (PRU.L) has signed a distribution deal with Singapore’s United Overseas Bank it hopes will boost its presence in the area and also in Indonesia and Thailand, The Financial Times reported.
The newspaper said as part of the deal the Pru would also acquire UOB’s Singaporean life assurance business for about 193 million pounds ($431.7 million).
The Financial Times, which cited people familiar with the deal, said the move could be announced later today. Under the terms of the deal UOB will sell only Prudential products in the three countries — Singapore, Indonesia and Thailand.
No one at Prudential was immediately available to comment.
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