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Taiwan Bank Buys AIG's Local Credit Card Business

Posted on 21 May 2009

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Far Eastern International Bank said it will buy AIG's Taiwan credit card and accounts-receivable businesses for T$2-3 billion ($61-90 million), in the latest consolidation of Taiwan's crowded financial sector.

Far Eastern, a small-sized lender owned by conglomerate Far Eastern Group, said in a statement to the Taiwan stock exchange late on Wednesday that its board had approved the acquisition.

The deal is set to be closed at the end of this year, the statement said, without giving further details.

The sale comes as AIG aims to speed up plans to list its Asian subsidiary through an IPO that could raise more than $4 billion, as the bailed-out U.S. insurer seeks to raise cash to pay back government loans.