Australian bancassurer AMP is in talks to acquire loss-making financial website Institutional Investor International (Iii), which put itself up for sale in March.

Iii said it had received an offer at a “small premium” to its cash holding of around £50m.

The company announced losses of £2.3m for the year ending March 2001 in May.

AMP is likely to combine Iii with its recently launched Ample site, giving it a boost with Iii's technology and customer base. John Blowers, formerly UK managing director of Iii, moved to AMP to run Ample last year.

Iii, founded in 1995, had 1.2 million registered users at the end of March and during the month it received 3.6 million visits.

It is the last of the infomediary sites set up for private investors to lose its independence. Other sites of any significant size have already closed or been sold.

Insurance on the site is offered by Hiscox Online for high net worth clients and Its4me for motor insurance.

The acquisition of Iii would add to AMP's growing UK business, which last week saw the acquisition of financial adviser Towry Law for £76m.

AMP's existing UK businesses, London Life, National Provident Institution and Pearl Assurance, are currently being rebranded as AMP.