Taiwan's Chinatrust Financial is set to pay $660m for a 30 per cent stake in Nan Shan Life Insurance, just a month after it was defeated by a Hong Kong-based consortiumin its bid to buy the AIG subsidiary.
The deal will give Chinatrust, Taiwan's top credit card issuer, a long-awaited foothold in the insurance market.
Nan Shan was put up for sale earlier this year by AIG as the US group looked for ways to repay the billions of dollars it received from the US government in bail-out money.
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