FPI restructure sees Middle East managing director depart

Pedro Gonçalves
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FPI restructure sees Middle East managing director depart

Chris Divito, Friends Provident International (FPI) managing director for Middle East and Africa is leaving the company at the end of this month, as the firm restructures its UAE operation.

Adnan Lateef, currently finance business partner for FPI's Middle East and Africa operation, has been appointed interim general manager, subject to regulatory approval, and will assume overall responsibility for the Middle East and Africa business following Divito's departure, the company said in a statement.

"It has been an exciting and challenging two years and we have made great progress in improving the efficiency of the business. We have at times had to make some tough decisions and I am very proud of the way our people have stepped up. The results have been very impressive and FPI in Dubai is well placed for the next phase of development under new leadership," Divito said.

It is important to make clear that the changes we are making to the management of the UAE operation are not related to the sale of the FPI business to RL360"

Adnan Lateef added: "I am delighted to take on the role of General Manager, on an interim basis, for FPI's Middle East and Africa operation.  Chris has put in place a very strong team. I am looking forward to building on his legacy, and to continuing to deliver a first class service to our business partners and customers in the region."

Steve Weston, interim CEO of FPI was keen to underscore that the changes have nothing to do with the sale of the firm's business to RL360.

"I'd like to thank Chris for all his hard work and support for the FPI business over the last couple of years, and wish him every success for the future.  I am pleased that Adnan has agreed to take on the role of interim General Manager, and I look forward to working with him in his new capacity.

 It is important to make clear that the changes we are making to the management of the UAE operation are not related to the sale of the FPI business to RL360."

As reported in July 2017 Aviva agreed to sell Friends Provident International to RL360 parent International Financial Group Ltd (IFGL) for £340m ($444m), but the rubber stamping of the deal has proven more troublesome that was originally hoped, with the Hong Kong regulator providing the main stumbling block

The deal was seen as a coup for the Isle of Man firm after months of speculation and the £340m ($444m) purchase price, is however, significantly lower than the £576m ($750m) that some industry sources predicted in 2017.

Once regulatory approval has been attained the acquisition will comprise £310m in cash receivables and a £30m deferred consideration in the form of preference shares in IFGL, the company said at the time

FPIL said that it had £7.6bn in funds under management at the time that the deal was originally announced and its addition to IFGL will take the group's combined assets to £15.9bn and its policies to 250,000.

FPI, which employs around 500 staff worldwide and services in the region of 180,000 policies, has its head office in the Isle of Man, where IFGL is also headquartered.

FPIL has more than 35 years of international experience providing savings, investment and protection products to customers across the globe, with a particular expertise in Asia and the Middle East.

 

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