Prudential sets date for shares listing in Hong Kong

Prudential unveiled the timetable for the next stage of its assault on Asia today, saying that its shares are to begin trading in Hong Kong on May 11.

The insurer also announced it will have a secondary listing in Singapore as its prepares to fund a $35 billion (£22.78 billion) takeover of AIA, the Asian business of US insurance group AIG.

This is bound to increase speculation that the Pru would be happy to quit London altogether.

However, chief executive Tidjane Thiam repeated his commitment to Britain today, saying: "The UK has been, and will remain, the largest market for our investors and we are committed to our London listing."

Having shares traded in Asia should help draw more investors to its $21 billion rights issue, which it needs to pay for the deal.

Advisers to Prudential are working on plans to buy as much as 10% of the company's shares in the next few weeks.

These shares will be transferred to the Hong Kong Stock Exchange and sold to Asian investors.

The Pru said it would publish documents for each of the listings on or around May 5.

Prudential seems to have recently floated the idea it may sell its UK arm, perhaps to Resolution. Analysts are unsure just how serious this intent is.