HK
Company: AIG
Sectors explained – Insurance
There’s more to insurance than making sure you’re covered if your car gets stolen or your widescreen TV decides to blow up. Global insurance premiums totalled more than $ 4.3 trillion in 2010. In the US (the largest insurance centre, followed by Japan and the UK) the industry provides about 2.3m jobs. In the UK, [...]
Dispatches: ANZ targets more Asian expansion
Mike Smith, chief executive of ANZ, is looking to Asia to drive continued growth, forecasting that the region will account for a third of the Australian bank’s profits within about seven years and that acquisitions will help achieve that target. (Financial Times) Bank of China and Agricultural Bank of China opened the earnings season for [...]
Dispatches: AIA seeks independence
AIG is set to sell more than 50 per cent of AIA in the Hong Kong listing of the Asian life assurance group due to a special clause that allows it to increase the size of the sale during the marketing and bookbuilding period over the next fortnight. (Financial Times) Yuan-denominated IPOs could be launched [...]
Dispatches: AIG lowers AIA valuation
AIG has been forced to lower its valuation for the Hong Kong initial public offering of AIA, its Asian business, to secure a US$1bn commitment from the Kuwait Investment Authority and other cornerstone investors. (Financial Times) Hong Kong regulators have issued a series of circulars in recent weeks reminding banks, brokers and administrators to prepare [...]
Daily Dispatches: Prudential tries to restructure AIA deal
AIG and Prudential are in advanced talks to restructure the US$35.5bn sale of AIA, the US group’s Asian unit, in a move that would cut the cash consideration by about $2bn but could answer UK regulators’ last-minute objections to the deal. (Financial Times) Agricultural Bank of China, aiming for the world’s largest-ever initial public offering, [...]
Daily Dispatches: Pru appoints Devey to lead AIG integration
Robert Devey, the chief executive of Prudential UK and Europe, is to lead the integration of the UK-based insurer’s Asia division with AIG’s Asian life assurance business (AIA), it was announced on Wednesday. Devey, who joined Prudential only last year, will take up the role with immediate effect and will split his time between London [...]
Daily Dispatches: China in IPO boom
Since June, new Chinese listings in Shanghai and Shenzhen combined have raised more than US$23bn. Taking advantage of the abundant liquidity conditions following massive bank lending in the first half of the year and other stimulative measures introduced to offset the effect of the rapid decline in external demand, Chinese companies have been able to [...]
Daily Dispatches: Li buys AIG asset management
Richard Li, the Hong Kong tycoon, has agreed to buy AIG’s asset management operation for about US$500m in a departure from his media-to-telecoms businesses. (Financial Times) China’s Ministry of Finance is planning to issue yuan-denominated bonds in Hong Kong to raise as much as US$14.64bn, a Hong Kong-based newspaper reported on Tuesday, citing unidentified sources. [...]
Daily Dispatches: who will chair ANZ?
With high-profile businessman Sir Rod Eddington expected to rule himself out of contention for the ANZ chairmanship, it could be back to the drawing board for long-serving Charles Goode in the search for a successor. (Business Day) China Merchants Bank, one of China’s leading commercial banking groups, will today announce the opening of an office [...]
Can AIA go it alone?
American International Group (AIG) plans to list its Asian life insurance business AIA. Is this a wise move that will raise much-needed capital? Will having a separate management team and board of directors give AIA the operational freedom it probably deserves? And will it be more willing to boost its headcount if its struggling American [...]
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