UBS and Merrill Lynch have failed to reach this week's final round of interviews to choose advisers for the $5bn-plus initial public offering of AIG's Asian life insurance unit, according to people familiar with the matter.
The listing of American International Insurance is set to be the world's largest IPO since 2007, and the ejection of the two so early in the interview process will serve as a blow to the investment banks.
UBS regularly tops the rankings in Asia-Pacific for equity capital markets work and advised on the recent $1.3bn Hong Kong listing of China Zhongwang, the world's biggest IPO since last summer.
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