Prudential Share News (PRU)

(Sharecast News) - Blue chip insurer Prudential has named City veteran Douglas Flint as its next chair, it was confirmed on Wednesday.

Flint, who spent more than two decades at Anglo-Asian lender HSBC, including seven as group chair, will replace current incumbent Shriti Vadera.

The former Labour business minister is retiring after six years with Prudential.

Flint, 70, will join the board in March ahead of formally taking up the role at the annual general meeting at the end of May.

Chief executive Anil Wadhwani said Flint brought "extremely valuable expertise" to the board. "His deep knowledge of Asia is particularly important for the company," he added.

Senior independent director Jeremy Anderson added: "[Flint] brings extensive experience leading global financial institutions, alongside deep experience in Asia, and is ideally positioned to lead the next stage of the group's development, taking forward the strong foundations and momentum created during Shriti's tenure."

Headquartered in London, Prudential's business is predominately focused on Greater China, south east Asia, India and Africa. It has dual primary listings in London and Hong Kong as well as a secondary listing in Singapore.

Flint, who is also chair of Aberdeen Group and IP Group, will be paid an annual fee of $1,005,000.

He said: "Being able to help shape the next stage of Prudential's development is a great privilege."