UK's Resolution to complete share placing in Dec

Nov 19 (Reuters) - British financial buyout vehicle Resolution Ltd, founded by entrepreneur Clive Cowdery, said on Wednesday it intends to complete its placing of up to 1 billion pounds ($1.5 billion) next month.

Resolution, which intends to list its shares on the main market of the London Stock Exchange, said it would initially place shares with institutions that support its restructuring goals.

The company, which hired Citigroup (C.N), HSBC (HSBA.L) (0005.HK) and Merrill Lynch MER.N to arrange the listing, said it intends to grant an over-allotment option in respect of up to 10 percent of the eventual agreed size of the placing.

Resolution said in September it planned to float 20 percent of its share capital and would use the proceeds to buy or take stakes in financial services companies with restructuring potential.

The venture, which hired former Financial Services Authority head John Tiner as its chief executive, said earlier it aimed to deploy more than 5 billion pounds in financial assets including insurance, banking and asset management. In June Resolution made an unsuccessful bid to buy Britain's largest buy-to-let mortgage lender Bradford & Bingley BB.L. It was also reported by media to be considering a bid for Friends Provident (FP.L). (Reporting by Kumar Alagappan in Bangalore; Editing by Mike Miller)