AIG moves to make Hong Kong unit independent
American International Group Inc. has announced that it will accelerate steps to position its American International Assurance Co. Ltd. of Hong Kong as an independent entity and seek a public listing on an Asian stock exchange for the unit.
American International Group Inc. has announced that it will accelerate steps to position its American International Assurance Co. Ltd. of Hong Kong as an independent entity and seek a public listing on an Asian stock exchange for the unit.
The move will result in the establishment of a separate board of directors and management team for the firm, New York-based AIG said in a statement released yesterday.
“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,” Edward Liddy, AIG’s chairman and chief executive, said in a statement.
American International Assurance has more than $60 billion in assets and some 20 million customers, the statement said.
AIG has undertaken a request for proposal to select global coordinators and book runners for the initial public offering.
The process will be managed by The Blackstone Group of New York.
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