AIA steps back prudential bid
In her first interview UK as Chief Executive of the IAA, Mark Tucker stated that growth AIA strategy would be organic and that the company was in search of tactical possibilities instead of major acquisitions. Directly on if he was interested in a bid, Mr. Tucker replied: "we've closed this chapter in our lives."
"We focus our energy here [Asia] on an incredibly bright future with the company right with the right people at the right time." We have our own fate in our hands and we need to deliver on this.
"With the AIA is that it is in the right place at the right time." We're basically on organic growth.
"We have the ability to mergers and acquisitions, but he would battle." Organic opportunities that we are so important, where are going to focus. ?
IAA itself has been the subject of controversy and ultimately fails $35bn, £ 22bn) takeover attempt earlier this year led by Mr. Tucker at Prudential, successor Tidjane Thiam. Supply collapsed in acrimony after that investors refused the cost approach.
Deprived Mr. Thiam said that one of the reasons for the commencement of the offer was because he feared an approach of IAA, once he had floated on Hong Kong Exchange, an event that has now successfully held.
Mr. Tucker said debt free AIA and seek to become the number one company in Hong Kong. Mr. Tucker was clearly that AIA would be much more competitive with the prudential, eventually stretch growth targets rise fear Mr. Thiam has defined the British company.
"The greatest potential is such that the forces of competition in this part of the world mean it to increase the size of the pie, instead of fighting for the next piece it", said Mr. Tucker.
"There is no reason why we can't be the number one company in Hong Kong," he said.Mr Tucker also revealed defined divide its combined role of President and Chief Executive.
The move is supposed to be made in the first half of 2011 and refers to a development which Hong Kong local financial regulator is eager to see happen.
That Mr. Tucker has joined AIA in August, its priorities have been oversee the initial public offer successfully, thanks to which it is now valued at approximately $35bn and renew the Board and senior management team.
This change management demanded handset Executive Chairman role. However, Mr. Tucker now plans to change.
"Us split it at some point probably sooner than later,", he said. "Assembling the Board was very important." He confirmed expects that a new non-Executive Chairman would be named in 2011.
AIA, once part of the insurer AIG American who was rescued by the Government to the financial crisis began trading on the stock exchange of Hong Kong at the end of October saw the United States to sell its stake in Asian subsidiary 67pc. The rest is supposed to be sold in 12 to 18 months.