Financial services group IFG has raised €6 million (£4.72 million) after placing just under two million new shares with British insurance giant CGNU at €3.10 each. The new shares are equivalent to 3.14 per cent of the existing share capital but the placing will increase CGNU's stake in IFG to 5.8 per cent, making it the third-biggest shareholder after Jupiter Tyndall and Fidelity.

IFG said the additional €6 million would be used for general corporate purposes, including acquisitions. It will add to the £20 million sterling (€32.4 million) IFG raised earlier this month in a seven-year note placed with Prudential M&G. IFG has already indicated that it intends spending €30 million in the next three months buying three independent financial advice firms in Britain.