Pru names Devey to lead AIA integration

PRUDENTIAL said today it had appointed Rob Devey, head of the insurer's British and European operations, to lead the integration with American International Group's Asian life insurance arm.
By The Newsroom
Published 14th Apr 2010, 10:33 BST

Prudential announced last month that it planned to buy American International Assurance (AIA) for 23bn ($35.5bn) in the insurance sector's biggest ever deal. It still needs to complete a $21bn rights issue to fund the deal.

Devey will report directly to Prudential chief executive Tidjane Thiam and takes up the role with immediate effect, the company said in a statement.

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A former HBOS banker and managing director at Lloyds Banking Group, Mr Devey was involved in integrating the retail banking operations of Halifax and Bank of Scotland and divisions of HBOS and Lloyds.

He will continue to be responsible for Prudential UK and Europe but Andrew Crossley, managing director finance, and Barry O'Dwyer, managing director for retail life and pensions, will provide back up, becoming deputy chief executives at the unit.

"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," Mr Thiam said. "Rob is ideally suited to the role."