AIG selling Taiwan securities arm to BEA
Filed Under (Business News) by Fred Chan on 26-03-2009
Tagged Under : AIG, Bank of East Asia, BEA, Taiwan
Bank of East Asia has acquired the Taiwan securities arm of American International Group, the Economic Daily reported on Thursday, citing unnamed sources.
The acquisition indicates Bank of East Asia, Hong Kong’s fifth-largest lender, is interested in tapping the wealth management markets in Taiwan, China and Hong Kong, the paper said. It said the deal was worth “millions of dollars”.
AIG Wealth Management Services Ltd, the U.S. insurer’s securities arm in Taiwan, declined to comment on the report. Bank of East Asia was not immediately available for comment.
The acquisition, subject to regulatory approval by Taiwan, comes as troubled AIG is trying to shed its assets to help shore up its financial position. – Reuters
