(Bloomberg) -- American International Group Inc., the insurer bailed out by the U.S. government, is accelerating the separation of American International Assurance Co. and will list it on an Asian exchange.
AIG has hired Blackstone Group LP to advise on the reorganization and initial public offering of its Asian life unit, which operates in 13 markets in the region with more than 20 million customers and over $60 billion of assets, it said in a statement issued through Business Wire today.
AIG, based in New York, is selling property and businesses after being bailed out four times by the U.S. government. The company has tapped about $45.5 billion from a U.S. credit line as of earlier this month.
“At this stage, we believe that a public listing for AIA would be in the best interests of all stakeholders, including U.S. taxpayers, policyholders, employees and distribution partners,” AIG Chairman and Chief Executive Officer Edward Liddy said in the statement.
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