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AIA Selects Seven Banks for Hong Kong IPO

Posted on 15 Feb 2010

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The Wall Street Journal reported that American International Assurance, the Asian life-insurance unit of AIG, has appointed seven banks to handle its $10 billion to $20 billion Hong Kong initial public offering (IPO).

AIG unveiled plans to float AIA in an Asian listing in May to pay down its $120.6bn bailout.

The insurer has selected Bank of America Merrill Lynch, Citigroup, Credit Suisse, Goldman Sachs, UBS and Chinese banks, CCB International and ICBC International as bookrunners. BOC International Holdings, which was interviewed in June and was expected to be a frontrunner to the two Chinese banks, was not picked.