Business Services Industry
Evening Standard, London, Anthony Hilton column.
Knight Ridder/Tribune Business News, October, 2004
By Anthony Hilton, Evening Standard, London Knight Ridder/Tribune Business News
Oct. 20--PRU's POINTER TO SAVINGS FUTURE: Jonathan Bloomer, chief executive of Prudential, may have stunned the stock market yesterday when out of the blue he unveiled a rights issue to raise 1 billion pounds of new capital, but it was a lot less than the jaw-dropping impact it had in his rivals' boardrooms.
Much of Britain's savings industry needs capital and the Pru, by taking the plunge earlier -- and therefore more expensively -- has grabbed first-mover advantage. The others now have to work out how to respond.
The immediate, understandable reaction to the news, given the troubled recent history of the industry, was that the Pru needed the money to keep...
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