Prudential is considering handing a 20% stake to a sovereign wealth fund to bankroll a bid for part of AIG, its stricken American rival, The Times reports.
Britain's second-largest insurer has appointed Credit Suisse to lead talks with potential investors across the Gulf and the Far East. Mark Tucker, the Prudential chief executive, will confirm the move when the group reports its third-quarter new business figures tomorrow. He is believed to want parts of AIG's business in Asia, where the American company is the market leader, ahead of the second-placed Prudential. The operations are being sold after AIG's $85bn (£4bn) emergency bailout loan from the US Government. Sources close to Prudential said yesterday the company was under no pres...
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