AIG said Deutsche Bank is in talks with potential buyers regarding the sale of its Philippines unit
US-based American International Group, or AIG, has sent detailed information regarding its Philippine-American Life and General Insurance Company to potential buyers, reported the Financial Times.
This move takes the company a step closer to the sale of its Philippines unit which is expected to fetch the AIG up to $1 billion.
AIG said that Deutsche Bank is in talks with potential buyers regarding the sale of its Philippines unit. Banco de Oro Unibank has partnered with Generali and Kuok Group to bid for the unit. Metropolitan Bank and Trust Company may form a consortium with Axa of France to make an offer.
In September 2008, the US government rescued AIG from bankruptcy. In order to clear part of a $60 billion loan and reduce its $150 billion federal bailout, the company is now selling its assets.
American International Group (AIG), a player in insurance and financial services, is the international insurance organisation with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world.