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Financials

Insurer Legal & General to start lending direct to businesses

LONDON, July 17 (Reuters) - UK insurer Legal & General said on Thursday that it plans to start lending direct to businesses across Europe.

The company said it had taken a 40 percent equity stake in Pemberton Asset Management, which is launching a new direct lending platform to provide loans and private placements to mid-market companies.

The service will be open to companies with a turnover of between 100 million euros and 1 billion euros and Legal & General said it would invest an initial 250 million euros but intends to make further “significant commitments”. (Reporting by Simon Jessop; editing by Steve Slater)

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