Credit Suisse (CSGN.VX) is bringing in Tidjane Thiam, the head of British insurer Prudential (PRU.L), as its new chief executive to help drive the Swiss bank's push into wealth management in emerging markets.
At a time the financial sector is racing to embrace digital technology to boost sales and drive profits, the traditionally staid insurance industry is in danger of falling behind.
British insurer Aviva (AV.L) agreed terms on Tuesday for a 5.6 billion pound ($8.8 billion) all-share takeover of rival Friends Life (FLG.L), responding to pressures caused by pension industry reform.
European stocks were set to open slightly higher on Monday, adding to Friday's sharp rally sparked by dovish comments from European Central Bank President Mario Draghi and a surprise interest rate cut in China.
Aviva's potential 5.6 billion pound ($8.8 billion) purchase of Friends Life reflects a need to consolidate and cut costs in Britain's insurance industry, fund managers said.
Tom Stoddard, a Senior Managing Director at private equity firm Blackstone Group, will be serving as the Chief Financial Officer of Britain-based insurer Aviva Plc, Reuters reported.
British insurers plan to invest 25 billion pounds ($41 billion) in transport and energy projects over the next five years, the finance ministry said on Wednesday, a day before it presents a half-yearly economic update.
Commonwealth Annuity and Life Insurance Co., a wholly subsidiary company of Global Atlantic Financial Group, announced the completion of its acquisition of Aviva USA's life insurance business.
British insurance firm Aviva sold its US business to Athene Holding for USD 2.6 billion.
The insurance deal between Athene and Aviva was placed under review.
British Land announced its acquisition of a west London office complex over a deal priced at GBP470 million.
Aviva has received a number of unsolicited approaches from financial and private equity buyers for a U.S. unit estimated to be worth some 1 billion pounds ($1.57 billion).
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