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AIG Selects Deutsche, Morgan Stanley To Handle AIA Asia’ IPO

The insurer shelved talks with potential corporate buyers of AIA in March, as bids were too low. The sale of AIA is expected to raise around $8 billion.

American International Group (AIG) has named Deutsche Bank AG and Morgan Stanley to handle the initial public offering of an Asian life insurance unit – reported Bloomberg.

AIG has planned to hold an IPO in the first quarter of 2010 for the American International Assurance (AIA) unit. The insurer is selling assets to repay a US government bailout.

Banks are vying for fees to be made from the dismantling of AIG, which got a $182.5 billion federal rescue after the company almost collapsed last year from losses tied to subprime mortgages.

Edward Liddy, CEO of AIG, has announced more than $6.5 billion of asset sales since the New York-based insurer’s first bailout in September.

The insurer shelved talks with potential corporate buyers of AIA in March, as bids were too low. The sale of AIA may raise as much as $8 billion.

AIA sells life, accident and health insurance policies and private retirement planning and wealth management services.