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Daily Insurance Industry News
Saturday 23rd of June 2018
December 21, 2009

Standard Life delays flotation of Indian JV

by Gill Montia

Story link: Standard Life delays flotation of Indian JV

Standard Life is postponing the flotation of HDFC Standard Life, its Indian join venture with Housing Development Finance Corporation, one of the country’s leading housing finance providers.

According to reports, the flotation could be delayed for over a year (to 2011) because David Nish, who succeeds Sir Sandy Crombie as group chief executive on 1st January, has his doubts about the original timing.

The company currently holds a 26% stake in the enterprise but Indian authorities are proposing changes that could allow the life assurer to increase its holding to 49%.

Mr Nish is also understood to be carrying out a review of Standard Life’s Canadian business, with a view to a sale.

Meanwhile, the company is proceeding with the disposal of its retail banking business to Barclays, for £226 million.

Completion is expected in the first quarter of 2010 when approximately 270 Standard Life employees will transfer to the bank.

 

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