Colonial Looking For U.K. Buyer

Australian insurance and financial services group Colonial confirmed that it was looking for a buyer/merger partner for its U.K. insurance, pensions and lending business, estimated to be worth around £315 million ($510 million).

Insurance and real estate group, Countrywide Assured appeared to be a leading candidate, but a Colonial spokesman denied that any one company had been selected, and said that the plan to sell or merge the business was in its early stages, and was only one option being considered by the company.