New corporate name for M&GPrudential at demerger

RNS Number : 0140J

Prudential PLC

14 August 2019

 

NEWS RELEASE 

14 August 2019

New corporate name for M&GPrudential at demerger

Prudential plc today announces that M&GPrudential intends to list its shares under the name M&G plc when it demerges from Prudential plc later this year.

As an independent company, M&G plc will have a single corporate identity and will continue with two customer-facing brands:

·    Prudential for savings and insurance customers in the UK and Europe and for asset management in South Africa

·    M&G Investments for asset management clients globally

John Foley, Chief Executive of M&GPrudential, said: "We are in the fortunate position of having two strong brands, each with a rich heritage. But as an international business operating in 28 markets, we need a single corporate name we can use globally.  So to distinguish ourselves in the global market, we have decided to list our shares on the London Stock Exchange as M&G plc, which we expect to take place in the fourth quarter of this year.

"Prudential will remain our operating brand for the 5 million customers who have insurance and savings products with us in the UK, Europe and South Africa. We will continue to invest in its development as we seek to improve our digital offering.

"M&G Investments is already a global brand and we will continue to use this name to market our asset management capabilities to wholesale and institutional clients across Europe and in Asia, Australia and North America."

Details of the new M&G plc corporate identity will be announced closer to the time of the listing. In the meantime, the business will continue to use M&GPrudential as its corporate name.

Enquiries:

Media		Investors/Analysts
M&GPrudential Richard Miles	[phone]	M&GPrudential Spencer Horgan	[phone]
Jonathan Miller	[phone]
Prudential plc Jonathan Oliver	[phone]	Prudential plc Patrick Bowes	[phone]
Tom Willetts	[phone]	William Elderkin	[phone]

Notes to Editors:

About M&GPrudential

M&GPrudential is a leading savings and investments business which was formed in 2017 through the merger of Prudential plc's UK and Europe savings and insurance operation and M&G, its wholly-owned international investment manager.  In March 2018, Prudential plc announced its intention to demerge M&GPrudential and give it a premium listing on the London Stock Exchange. Today, Prudential plc has announced that it expects  the demerger will take place in the fourth quarter of this year.

About Prudential plc

Prudential plc and its affiliated companies constitute one of the world's leading financial services groups, serving 26 million customers, with £717 billion of assets under management (as at 30 June 2019). Prudential plc is incorporated in England and Wales and is listed on the stock exchanges in London, Hong Kong, Singapore and New York. Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America.

 

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