The U.K.’s Royal & Sun Alliance is reported to be considering restructuring its operations in Australia and New Zealand prior to making a flotation of the units later this year as part of the company’s overall plan to raise capital.
According to a report from Reuters News Agency, Michael Wilkins, the current managing director of R&SA’s Australian operations would become managing director and CEO of both the Australian and new Zealand units. The current NZ head, Alan Bradley, would leave the company along with the NZ unit’s human resource and finance directors.
Wilkins indicated that the new organizational structure would “allow each business within the Australasian group to have autonomy in relation to its operating functions, while being supported by an overarching corporate function that determines the group’s overall strategic direction and priorities,” said Reuters.
R&SA has not announced the timing of the flotation, nor the price of the share offering, but it has hopes of to raising around A$2 billion ($1.18 billion).
Topics Australia
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