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) –
Topics Mergers & Acquisitions AIG
Was this article valuable?
Here are more articles you may enjoy.
Alliant Insurance Acquires New Hampshire’s Melcher & Prescott 
Hordes of Teens on E-Bikes Force Suburbs to Rewrite Road Rules 
Agency Duties – Legal vs. Ethical 
Two Past Hurricanes, OIR Data Give Idea of What to Expect From Isaias in Florida 
