AMP: no need for translators
AMP will focus on expanding into English-speaking countries, especially the UK and India, chief executive George Trumbull told a Melbourne business lunch last week.
"We will look for opportunities around the world as well as maintaining our lead in Australia and New Zealand," he told the Australia-Israel Chamber of Commerce. "In Asia, we will operate in a small number of countries rather than try to be in them all."
India is AMP's main expansion focus because of its huge market potential and because English is its lingua franca. AMP will also look for opportunities and partnerships in the Philippines and China, where the company will try to obtain a domestic licence.
AMP has become the fifth-largest life company in the UK since its acquisition of NPI and now holds assets of $210 billion globally. "The company is now triple the size of what it was when I arrived in 1994," Trumbull says.
He believes any future acquisitions in Australia and New Zealand would fall foul of the regulatory authorities due to AMP's market share. As a result, any future expansion emphasis would need to be off-shore.
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