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Clive Cowdery has bucked the gloomy mood in the financial sector by announcing plans to raise up to £1bn for his Resolution vehicle via an initial public offering. The company would then spend up to £5bn on financial services firms across Europe with a view to restructuring them. The floatation is expected before the end of the year.
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With strong institutional backing likely and plenty of distressed opportunities in the European financial services sector, Resolution will be one to watch in 2009.
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