Advertisement
UK markets open in 5 hours 53 minutes

  • NIKKEI 225

    37,989.69
    -470.39 (-1.22%)
     

  • HANG SENG

    17,201.27
    +372.34 (+2.21%)
     

  • CRUDE OIL

    82.74
    -0.07 (-0.08%)
     

  • GOLD FUTURES

    2,330.50
    -7.90 (-0.34%)
     

  • DOW

    38,460.92
    -42.77 (-0.11%)
     

  • Bitcoin GBP

    51,798.67
    -1,835.37 (-3.42%)
     

  • CMC Crypto 200

    1,394.53
    -29.57 (-2.08%)
     

  • NASDAQ Composite

    15,712.75
    +16.11 (+0.10%)
     

  • UK FTSE All Share

    4,374.06
    -4.69 (-0.11%)
     
Money:

The five essential pieces of financial paperwork you must never lose

Mislaying key documents can cause real headaches, so it’s worth tracking down these most commonly-lost bits of paperwork

Life insurer Phoenix's chairman to step down, join RBS

Reuters - UK Focus

(Adds analyst comment, details)

By Richa Naidu

Feb 26 (Reuters) - British life insurer Phoenix Group Holdings said Chairman Howard Davies would step down at the end of August to head the board at Royal Bank of Scotland (LSE: RBS.L - news) Plc.

Phoenix (LSE: PHNX.L - news) , which makes money by buying European life insurers that are closed to new customers and running them more efficiently, has begun looking for a new chairman, it said in a statement.

The company has been operating in a closely-watched market in recent months due to increasing consolidation in the global life insurance industry, most notably the $8.8 billion takeover of life group Friends Life by Aviva (Other OTC: AIVAF - news) .

ADVERTISEMENT

Due to its private equity-like business model and the strong cash position it forecast in October, Phoenix is seen as a potential acquirer in the current buy-or-be-bought environment.

Berenberg analyst Matthew Preston said Davies' move would merely mean an "unhelpful distraction" for Phoenix, and that the company had ample time to find a replacement.

(Reporting by Richa Naidu in Bengaluru; Editing by Anupama Dwivedi)