Resolution plans 1 billion pound IPO

By Myles Neligan

LONDON (Reuters) - Resolution, the financial services-focused acquisition vehicle founded by entrepreneur Clive Cowdery, plans to raise 1 billion pounds through a stock market flotation in November.

Resolution said in a statement on Tuesday it would use the proceeds of the initial public offering to buy or take stakes in financial services companies with restructuring potential.

The company said existing opportunities to realise value would indicate the deployment of more than 5 billion pounds of capital over time, and said it is looking in the life insurance, banking, asset management and reinsurance and general insurance sectors.

Resolution made an unsuccessful attempt to buy a stake in UK bank Bradford & Bingley BB.L in June, and was last week reported to be considering a bid for life insurer Friends Provident FP.L.

In a conference call with reporters, Cowdery said the company was currently less likely to do a deal in the general insurance and reinsurance sector, but declined to comment on specific targets.

"Given that the (general insurance) cycle is not at its softest at the moment, it is the other three areas that are taking our time and attention at the moment," Cowdery said.

"We are continually doing M&A and it doesn't help our shareholders if we talk about individual targets."

Cowdery said investors in Resolution are likely to include existing shareholders of finance services companies who are in favour of restructuring them.