Day: March 5, 2010

The Power of Oui


Another year, another major event or transaction. I joined the company in 2007. In 2008 the meltdown of Wall Street banks scorched. AIG was singed and barely survived. In 2009 the “crown jewels” of AIG, its Asian life insurance business, was packaged up for a float. A very big float. In fact it was too big for associated risks to be palatable. With market exposed to Greece and the rest of the PIGS, going to market was always going to be a touch uncertain. So the big Pru’s overtures come 2010 couldn’t have been better timed. “Transformational” it may promise to be and impressive Mr Tidjane Thiam may look on paper, but the deal is so riddled with hurdles and potholes that it will take every bit of Tidjane’s intelligence and charisma to pull this one through. Already it seems he has been able to reach out to sovereign funds to come alongside to play a role in one form or another, in support of the massive rights issue. Will he be the Obama of insurance, “Oui We Can?” I jokingly sent my colleagues a picture of Tidjane, with a caption “The Power or Oui”. A bit of a send up to the “Power of We” campaign undertaken by AIA recently. I have a feeling that whoever has doubts about whether this deal will carry, probably needs to know Mr Tidjane Thiam a bit more. I think he is the man of the hour. Is Prudential acting against the spirit of its name in acquiring a “brasher, bolder and more brazened” competitor? With Tidjane Thiam swashbuckling away, the power of oui may just carry the day.

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