Aviva chairman Adrian Montague is spearheading a new City task force to tackle the impact of coronavirus for businesses.

The Sunday Telegraph reports that Montague is one of a number of major names across asset managers, banks, law firms and more, that have been challenged with finding solutions to the financial strains many British firms are under.

Different sectors will be represented and 10 veteran executives picked to lead efforts on their behalf, the paper reports.

Montague is leading the campaign, and is chairing a fresh committee formed by the lobby group TheCityUK’s branded the Recapitalisation Group.

More than 40 City leaders were contacted last week to enquire into pro-bono assistance, sources tell the paper, with pitches to join the task force picked after the Easter weekend.

Citing Treasury sources, the paper says solutions from rights issue underwriting to equity sales in ailing companies were being considered.

Montague is due to retire from the role as Aviva chairman at some point later this year, having served as chief executive on an interim basis last year.

He had already taken on a role with TheCityUK’s advisory council, which was announced last September.