AIG plans & separate its Asian Subsidiary through IPO..
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- AIG said it would accelerate plans to separate its Asian subsidiary through an initial public offering as the bailed-out US insurer seeks to raise cash and list the unit as soon as possible.
- The offering could raise at least $4 billion based on targets set by AIG executives, making it one of the largest Hong Kong IPOs to hit the market in the last two years.
- The IPO would allow AIG to raise money to pay back the US government and allow the profitable Asia life insurance subsidiary, American International Assurance Co Ltd (AIA), to break from its ailing parent.
- The lead manager of the IPO will be The Blackstone Group (BX.N), AIG’s global financial adviser for its restructuring.
- Hong Kong-based AIA has more than $60 billion of assets under management. During 2008, AIA said it recruited more than 52,000 agents, bumping its representation up to about 250,000 agents, and it has about 20,000 employees across 13 Asian markets.
- “Today’s announcement represents a clear and formal roadmap for our independence,” Mark Wilson, President and CEO of AIA Group, said in a statement,
- AIG first tried to sell AIA in a private transaction for up to $20 billion last year, but failed to find a buyer willing to pay a high enough price.
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