Genworth Financial has filed a preliminary prospectus with Canadian securities administrators for an initial public offering (IPO) of minority stake in Genworth's Canadian mortgage insurance operations. The offering is likely to complete in the third quarter of 2009, subject to customary regulatory reviews and market conditions.
Earlier, the aggregation appear affairs to advertise up to 49% pale in the Canadian mortgage allowance business and is acceptable to authority the majority position for the accountable future.
Michael Fraizer, Chairman and CEO of Genworth, said: "We accept this IPO, back completed, reinforce our already complete banking foundation, provides us with added banking adaptability and enables Genworth to abide to account from the balance associated with our majority buying position in the Canadian mortgage allowance business."
Genworth Banking is a banking aegis aggregation operating through three segments, retirement and protection, US mortgage insurance, and international.
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