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AIG to sell Taiwanese business for $182bn

13 Oct 2009


American International Group (AIG) today agreed the biggest asset sell-off since the $182 billion (£115.5 billion) bail-out of the giant insurer by the US government last year.

It is selling its Taiwanese life insurance business to a group led by Hong Kong-based Primus Financial for $2.1 billion.

This is the first major deal by Primus which was set up in April by former Citigroup Asian investment banking chief Robert Morse. AIG will use the proceeds to pay down part of its government debt.

The Primus consortium, which also includes investment firm China Strategic Holdings, will keep the Nan Shan insurance brand.

It has also agreed to stand by existing compensation and benefits packages for Nan Shan's 4000 employees for at least two years after the deal closes.

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