Bloomberg News

Prudential’s Head of Asia Stowe Used Company Stock to Back Loan

January 23, 2009

Prudential Plc, Britain’s second- biggest insurer by market value, said the company’s head of Asia, Barry Stowe, backed loans with shares in the insurer.

The Financial Services Authority said on Jan. 9 directors who use their own shares in the company as collateral must first get permission from the firm and make a public announcement. There was a two week amnesty period for the disclosures to be made ending today.

Stowe used 8,513.73 American depositary receipts, Prudential stock that trades on the New York stock exchange, to secure a loan on June. 3, the company said in a Regulatory News Service statement.

To contact the reporter on this story: Andrew MacAskill in London at amacaskill@bloomberg.net.

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net; Mike Anderson at manderson34@bloomberg.net


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