GOING deeper into life and pensions business is National Australia,
parent of four banks including Clydesdale. The creation of a new life
company and the more likely route of making acquisitions and going into
joint ventures are now under active consideration.
Such a suggestion will immediately arouse speculation about a deal
with one of the remaining Scottish mutuals. The group was understood to
have looked at both Scottish Equitable and LAS earlier this year, but in
neither case was an offer made, and both recently found other
purchasers.
The high-powered team that National Australia has just appointed is
unlikely to pass up any future opportunities of that nature.
It is headed by John Windeler, a chief financial officer who has just
moved from Melbourne to London. He is assisted by three newly-appointed
executives drawn from the insurance industry.
He said they had a lot of fact-finding and exploration to do and that
the project was still very much in the development phase. ''We are
thinking about the long term,'' he explained, adding that acquisitions
were all about opportunity and price.
The new team comprises Michael Pinder, formerly with Prudential as a
marketing director; Jonathan Rashleigh, currently director of finance
and operations at Legal & General Investment Management, and Richard
Field, who was working on strategic development with TSB Group.
A fifth member, Thomas O'Donoghue, has apparently been working on the
project for some months.
''We will be considering alternatives for enhancing our successful
independent financial adviser operations,'' Mr Windeler said yesterday.
Outlining some of the possibilities, he emphasised that regardless of
whether it was decided to create a new life company or make
acquisitions, National Australia intended to maintain an IFA presence
for specific market segments.
He did not elaborate, but in some areas of personal finance the
constituent banks appear to think that working through independent
advisers is a plus point. The group is probably the only one still in
that position.
Clydesdale, in particular, has worked hard at extending its range of
financial services. Welcoming the latest development, a spokesman
commented: ''You can see we are getting serious about it now.''
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