The Bank of East Asia said on Thursday that it has signed a deal to buy the Taiwan securities arm of American International Group as the ailing U.S. insurance giant sells assets to raise cash.
“The deal is subject to regulatory approval in Taiwan and we will have an announcement later today,” Chan Kay-cheung, Vice Chairman of Bank of East Asia (China), told Reuters.
The acquisition indicates Bank of East Asia, Hong Kong’s fifth-largest lender, is interested in tapping the wealth management markets in Taiwan, China and Hong Kong.
No financial details were available yet.
(Reporting by Clare Jim, Editing by Jacqueline Wong)
(Reuters) -
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
