Aviva sells French business for £2.8bn
Insurance giant Aviva has sold off its French unit as part of a global retreat to focus on its core markets in the UK, Ireland and Canada.
The 3.2 billion euro (£2.8 billion) transaction will see Aviva France transfer into the ownership of Aema Groupe, a new company which was formed through a merger earlier this year.
It is the latest deal that new chief executive Amanda Blanc has pushed through in just seven months since she took the top job.
Last autumn the business sold off its Vietnamese unit, as well as an Italian arm in November for £355 million and the Singapore business for £1.6 billion two months earlier.
According to Bloomberg, Aviva is currently also in talks to sell a second business in Italy.
Ms Blanc has continued the legacy of predecessor Maurice Tulloch, who sold off the business's Hong Kong operations during his short period in charge.
A peer-to-peer support and advisory organisation for business leaders is extending its reach in Scotland.
The Alternative Board (TAB) is launching to the west of Edinburgh, after the network debuted north of the Border in 2017 where it has now eight boards – four in the North East, three in the Glasgow area, and one in Edinburgh.
TAB – which originated nearly 30 years ago in the US – says each board provides a “trusted space for entrepreneurs to share experiences and expertise at monthly online meetings and to help them pursue their individual and business development objectives”.
The new outpost will be led by Steve Cook, who built up a £4 million turnover business in the sales and marketing sector. The Livingstonbased executive has experience of growing businesses internationally, and peopledevelopment. His TAB remit covers South Queensferry, Falkirk, Linlithgow and Livingston and the surrounding areas.
He said TAB “effectively pro
vides members with a number of non-executives and advisors that have a broad range of experiences” – adding that it’s crucial for businesspeople to be able to tap into multiple resources in the current challenging circumstances.
“I’m passionate about TAB and how it helps businesses through peer-to-peer support,” Mr Cook also said, explaining that the aim with TAB is to give participants ideas, strategies or actions to improve their business.
The businessman was formerly head of retail operations for West Europe at HMD Global, a mobile phone manufacturer. His role included leadership, strategy, peopledevelopment and maximising efficiency across 14 countries.
He also ran his own field marketing and events business, Twenty5eight Solution, with 50-plus staff at one point, and he has also worked for Microsoft, HTC, Bank of Scotland and Siemens.
In addition to supporting board meetings, TAB facilitators support board members with one-to-one engagement. There are TAB boards across 20 countries, with 80 in the UK in total. Ed Reid and Mags Fuller took over TAB in the UK in 2017, after it was launched in 2009 and grown by its previous owners Paul Dickinson and Jo Clarkson.
The picture I am about to paint for you may leave some of you feeling, light-headed, afraid, scared or apprehensive. Conversely, the scenario may arouse feelings of positive anticipation, elatedness or euphoria. It will all depend on your appetite for risk, coupled with how you view the world.
If you don’t like risk, ambiguity or uncertainty then you may get scared. But, that’s okay, as the futuristic financial landscape I am about to paint is exactly that – the prediction of a futurist: me. On the other hand, if you revel in technology, innovation and “what could be” then this will be right up your street. Buckle up and let’s begin.
Imagine a world where cryptocurrency blockchain products have replaced your bank account. That’s right, that traditional bank current account that has served you well for years. Already, your reliance on a cheque-book has vanished. So, taking the next step and imagining there is no bank account whatsoever is exactly that – the next step. After all, banks are disappearing from town centres right? They’re all going online with digital apps and automated “chat bots" to handle any enquiries you have. And now the time has come to jettison your chat bot and move to a new form of banking. But, it is not very different, not that much of a cognitive jump to get there.
Picture your smartphone with a digital wallet on it. In this secure wallet, which is really just an app, you hold all your cash. But, unlike the traditional bank you banked with, there are many differences. First up are the consequences of it going bust. Currently, if you have, for example, £150,000 in a traditional bank and it goes bust, you get £85,000 back via the FSRC. However, your new wallet is fully insured, so that if it goes pop, you get all your money back. Not so scared now eh?
The next part of this futuristic picture
allows you to hold Pounds, Euros, Bitcoin, Cardano, Ethereum, digital Pounds and more in your wallet. Essentially, any currency that has value and you wish to work with. No need to buy Euros to go on holiday and pay commissions. And you can transfer money anywhere on the globe to anyone for pennies. But, it don’t stop there.
This new financial world offers you a debit card too. Just like the bank card you have now to pay at the supermarket and online. But, you can pay in any currency you want. The shop doesn’t have to pay up to five per cent for offering cardless payments either and you don’t need a bank to give you permission to spend your money. And, wait for it! Your wallet also allows you to pay your bills, direct debits and standing orders. Exactly like a bank does. But here’s the best bit.
If you hold for example Bitcoin in your wallet, you can lend that Bitcoin out, via the app, and get paid real interest on it. Currently five per cent. You also get ten per cent interest on your cash! Show me any bank offering ten per cent just now? Or you can take a loan using your Bitcoin as collateral. The possibilities are endless….
Then each month, the app generates your PDF statement as normal. Everything all in one place – cash, savings, lending, cryptocurrency, direct debits and debit cards.
All seems too good to be true in this futuristic world that I have painted doesn’t it? Well, you won't have long to wait. I predict this new style on personal money management will be here in 12 months – not 25 years.
How do you feel – excited or scared?
Jim Duffy, MBE, Create Special