Business
Goldman Sachs in market for Insurance Australia Group: sources – The Australian Financial Review
Insurance Australia Group is understood to have called in investment bank Goldman Sachs as it considers an equity raising to shore up its funding position.
IAG shares last traded at $5.46, which is 30 per cent lower than where they were at the start of the year.
IAG’s deliberations come as it has so far weathered the COVID-19 storm and refused to go to market for fresh equity, unlike listed rival QBE Insurance Group.
IAG told shareholders at last month’s annual general meeting that it retained a “strong capital position, well above our targeted benchmarks”.
The group said its CET1 capital position was 1.28-times above the minimum capital requirement…
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