American International Group yesterday announced its largest divestment since its rescue last year with a $2.15bn sale to Hong Kong-based buyers led by a new fund ambitious to build a financial services conglomerate in Asia.
The sale by AIG of its Taiwanese life assurance unit is a coup for Robert Morse, chairman of Primus Financial, a former senior Citigroup executive in Asia who helped to set up the fund in May with two former colleagues.
The acquisition of Nan Shan, the country's third largest life assurer, by a consortium comprising Primus and Hong Kong interests, is subject to local regulatory approval.
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