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April 14, 2010    

Rob Devey appointed to lead Pru’s Asia integration

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by Kay Murchie
Rob Devey appointed to lead Pru’s Asia integration

Prudential has today announced it has appointed Rob Devey to head up its integration of AIA, the Asian arm of US company American International Group (AIG), which it acquired in a deal worth $35.5 billion (£23.3 billion) last month.

Pru, which is Britain’s second largest insurer, said the deal provided it with the opportunity to create South East Asia’s leading insurer.

The deal represented the insurance sector’s biggest ever and still requires a $21 billion cash call in order to pay for the acquisition.

The insurer has appointed around 30 banks to underwrite the rights issue and a price for the cash call is expected later this month.

Meanwhile, forty-one year old Devey, who is currently head of the insurer’s British and European operations, will report directly to Pru Chief Executive, Tidjane Thiam, and will assume the role immediately.

Mr Devey has been with the Pru since November and joined from Lloyds Banking Group, where he had effectively been the head of UK retail banking.

Tidjane Thiam comments: “The appointment of an executive director to lead this effort is a clear indication of how crucial a successful integration is for the future of our company. Rob is ideally suited to the role.”

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