Prudential 2002 Annual Report Download - page 11

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Prudential Financial 2002 Annual Report 9
January 24, 2002
Finalized an agreement with Banca
Popolare di Bergamo-Credito Varesino
to create an asset management joint
venture in Italy.The joint venture
marks our entry into the Italian
investment business and expands
our distribution capabilities.
March 15, 2002
Completed closing process to
purchase IX E Banco, S.A. Institucion
de Banca Multiple, Ixe Grupo
Financiero’s stake in Afore X X I,
currently the seventh-largest private
pension manager in Mexico based
on assets under management.The
deal results in a partnership with
the Mexican Social Security
Institute to manage and provide
private pension funds for more
than 1.9 million participants
throughout Mexico.
April 3, 2002
Acquired Standard Chartered
Grindlays Bank Geneva. It’s a key
development in enhancing our
international private banking
capabilities.
June 26, 2002
Agreed to acquire pma Finanz-und
Versicherungsmakler AG, one of the
largest independent financial advisory
firms in Germany. Expands our
reach in continental Europe
and gives us broad access to the
German market through pma’s
network of nearly 200 independent
financial advisors.
July 8, 2002
Prudential Apolo entered into an
agreement to purchase O peradora
Finamex, a mutual fund management
company in Mexico. Allows us to
build up our investment
management presence
in Mexico.
July 17, 2002
Reached an agreement to acquire
Bradesco Seguros’ shares in the
Prudential-Bradesco Seguros
life insurance joint venture in
Brazil, giving Prudential control
of the business.
August 22, 2002
Acquired Hong Kong Homefront
Ltd., a Hong Kong-based relocation
firm. Increases our existing
presence in the Hong Kong
relocation market.
September 19, 2002
Launched a new mutual fund
joint venture with German private
bank Sal. O ppenheim jr. & Cie
KGaA. Enables us to make a
large-scale entry into the
German mutual fund market.
O ctober 23, 2002
Prudential Real Estate Investors
announced an agreement to
acquire TMW Immobilien AG in
Munich, Germany and TMW Real
Estate Group in Atlanta, Georgia.
The addition of TMW, one of
Europe’s leading real estate
investment managers,
supplements PREI’s long-standing
activities in the region.
D ecember 20, 2002
Signed a definitive purchase
agreement to acquire American
Skandia, the largest distributor
of variable annuities through
independent financial planners in
the United States.W hen completed,
it will boost our position in
variable annuity sales.
Paving the way for growth
W e entered into a number of acquisitions and joint ventures last year
that strengthened our position in key markets around the world.
Chairman and CEO Art
Ryan and Jim Spackman,
head of our International
Insurance operations,
opened the new 38-story
Prudential Financial Tower
in downtown Tokyo
in D ecember 2002.The
tower is the company's
first consolidated
headquarters in Japan.