AIG To Sell Life Insurance in China, RBS Branches See Potential Suitor: Financial Business Update
American International Group (NYSE:AIG) has completed a non-binding arrangement with the Chinese state-owned insurer PICC Group to sell life insurance in China which now constitutes the world’s second-largest economy. AIG’s predecessor was founded in that country more than 90 years ago and the current move is a facet in the company’s strategy of staking $500 million in People’s Insurance Company of China’s planned Hong Kong IPO through which the latter hopes to raise as much as $3.6 billion. AIG, along with other investors, will purchase almost half the shares.
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The 316 branches of The Royal Bank of Scotland Group (NYSE:RBS) which the European Commission is forcing it to divest are garnering attention from a potential new suitor, private-equity AnaCap Financial Partners, a backer of Aldermore Bank, say four inside sources. UBS (NYSE:UBS) is conducting the process which has been codenamed “Rainbow.” RBS must sell off the units by 2014 in order to comply with an EU ruling after it obtained £45.5 billion, or $73 billion, in the world’s largest banking bailout in 2008 and 2009. In October, Banco Santander (NYSE:SAN) abandoned its £1.7 billion acquisition of the branches, blaming completion delays.