Goldman Sachs and Deutsche among advisors for AIA IPO, report claims

22 July 2010

Representatives from Goldman Sachs, Deutsche Bank and Morgan Stanley are to advise the American International Group (AIG) on an initial public offering (IPO) for its Asian insurance unit, reports have claimed.

According to Bloomberg, which cited unnamed sources, banking advisers will soon meet with executives from AIA Group, the Asian life insurance business, to discuss the sale of shares.

None of the banks thought to be involved have yet commented on the news.

AIG planned to make the unit public last year as part of a bid to repay bailout funds to the US government following the global credit crisis.

However, Prudential subsequently announced it would attempt to acquire the firm as part of a $35.5 billion takeover bid.

The firm is now returning to the offering following the collapse of the insurer’s bid after shareholders complained the deal would be too expensive, Bloomberg reported.

Meanwhile, Mark Tucker, the ex-chief executive of Prudential was announced as the new executive chairman and chief executive of AIA earlier in the week.

By Jim Ottewill

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