Copyright 2010 SNL Financial LCAll Rights Reserved SNL Insurance Daily
February 12, 2010 Friday
Reports: AIG selects 7 more banks to handle AIA IPO, targets April road show
American International Group selected Citigroup, Credit Suisse Group, Goldman Sachs Group, Bank of America Merrill Lynch, UBS, CCB International and ICBC International to handle the IPO of its unit American International Assurance, Reuters reported.
American International Group Inc. selected seven more banks to handle the IPO of its unit American International Assurance, Reuters reported Feb. 11, citing sources close to the deal. In June 2009, The Wall Street Journal reported that Morgan Stanley and Deutsche Bank AG would serve as global coordinators on the deal.The additional selected banks include Citigroup Inc., Credit Suisse Group AG, Goldman Sachs Group Inc., Bank of America Corp.’s BofA Merrill Lynch, UBS AG, CCB International and ICBC International.One of the sources said AIA might raise approximately $10 billion to $15 billion, while another said it could raise at least $20 billion. The size of the deal is expected to be finalized in the next couple of days.Separately, Reuters reported Feb. 11, citing sources, that the IPO is targeting a listing committee meeting for the end of March and that AIA is hoping to kick off its road show for the listing in mid-April.
February 18, 2010