AIG plan gets nod
Source: Agencies |
June 10, 2011, Friday
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Print Edition
Print Edition
TAIWAN'S financial authorities yesterday said they have conditionally approved American International Group's plan to sell its Taiwanese insurance unit to a local conglomerate.
The authorities said Ruen Chen consortium will be allowed to acquire AIG's 97.6 percent stake in Nan Shan Life Insurance Co provided it can deposit NT$30 billion (US$1.03 billion) in assets and another NT$6 billion in cash as a guarantee for the deal in 60 days.
Nan Shan is the third-biggest insurer in Taiwan.
The island also requires Ruen Chen to lower its debt gradually.
The authorities said Ruen Chen consortium will be allowed to acquire AIG's 97.6 percent stake in Nan Shan Life Insurance Co provided it can deposit NT$30 billion (US$1.03 billion) in assets and another NT$6 billion in cash as a guarantee for the deal in 60 days.
Nan Shan is the third-biggest insurer in Taiwan.
The island also requires Ruen Chen to lower its debt gradually.
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