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MANILA: Troubled American Insurance Group (AIG) is to sell its local unit Philippine-American Life and General Insurance Co, the unit's chief executive Jose Cuisia said Monday.
A number of local and foreign entities have expressed interest in acquiring all or parts of the group, which is involved in insurance, banking and asset management, Jose Cuisia told a news conference.
He declined to give details.
Cuisia put the Philippine unit's net worth at 49.4 billion pesos (US$1.05 billion).
"This is an opportunity for local companies to own a trophy company," he said, citing PhilamLife's leading role in the local insurance industry.
He said AIG has hired investment banks JP Morgan and Blackstone to advise it on the sale.
The advisers will help AIG decide whether to sell PhilamLife as a whole or part by part, he added.
He said the company remains "strongly capitalised" and would be able to meet all its commitments to depositors, investors and policy holders.
Cuisia said he is "not leading a management buyout" of the company.
- AFP/yb
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