Conditions met
Source: Agencies |
July 15, 2011, Friday
|
Print Edition
Print Edition
TAIWAN'S financial authorities yesterday said a local conglomerate has met conditions stipulated in June to buy AIG's Taiwan insurance unit, paving the way for final approval.
Yesterday's announcement said the Ruen Chen consortium will be allowed to acquire AIG's 97.6 percent stake in Nan Shan Life Insurance Co after it demonstrated it can deposit NT$30 billion (US$1.03 billion) in assets within 60 days.
Nan Shan is the third-biggest insurer in Taiwan.
The authorities also determined that Ruen Chen has the ability to lower its debt gradually, another condition for the deal.
Yesterday's announcement said the Ruen Chen consortium will be allowed to acquire AIG's 97.6 percent stake in Nan Shan Life Insurance Co after it demonstrated it can deposit NT$30 billion (US$1.03 billion) in assets within 60 days.
Nan Shan is the third-biggest insurer in Taiwan.
The authorities also determined that Ruen Chen has the ability to lower its debt gradually, another condition for the deal.
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