Prudential increases stake in CITIC
14 August 2007
Prudential, the UK's second-largest life insurer, increased its stake in its fund management joint venture with CITIC from 33% to 49%, the Financial Times reported. CITIC is also raising its share to the same level, with shareholder China-Singapore Suzhou Industrial Park Venture Company reducing its holdings from 18% to 2% and Suzhou New District Economic Development Group selling all of its 16% interest. While Prudential did not announce the details of the investment, the joint venture, which the company entered into almost two years ago, has since grossed more than US$1.1 billion.