Prudentia, the second-biggest insurance company for Britain decided to replace its CEO Jonathan Bloomer by the group finance director at HBOS bank Mark Tucker.

Jonathan Bloomer has been serving as the company’s chief executive for the last five years but was eventually accused of failing to sell Egg, Prudential’s Internet banking unit, tapping the company’s shareholders for £1 billion ($1.87 billion) in a stock offering in November.

Mark Tucker worked for Prudential for 17 years from 1986 to 2003. He was an executive director and chief executive of Prudential Corporation Asia from 1999 to 2003. "Mark’s background and experience mean that he is well suited to lead Prudential to the next stage in the group’s development. He has broad and relevant experience of the financial services market in our three key regions supported by a track record of success in growing profitable businesses for Prudential. We are delighted to be welcoming him back," said Prudential Chairman Sir David Clementi.

"Mark Tucker was the architect of the Asian expansion. That’s really the reason why people bought the Prudential shares. It was the Asian growth story," said Mikir Shah, an analyst at Fox-Pitt, Kelton Ltd. in London who rates Prudential shares outperform.

Mr. Bloomer said he was «extremely disappointed» by the decision.