FBD approves joint venture move

FBD shareholders have unanimously voted in favour of the financial services group hiving off its non-core property and leisure division into a joint venture vehicle.

At an extraordinary general meeting in Dublin yesterday, shareholders voted 99.8% in favour of FBD Property & Leisure becoming a 50-50 joint venture between FBD and separate investment group Farmer Business Developments, which already owns a 25% stake in FBD.

The move should substantially strengthen Property & Leisure’s funding structure and allow FBD to focus on its core insurance and financial services interests.