AIG plans to file AIA listing prospectus

LONDON: Bailed-out US insurer American International Group (AIG) plans to file a prospectus for a multi-billion dollar IPO of its Asian life insurance unit before Christmas, the Financial Times reported yesterday.

The Hong Kong IPO of American International Assurance (AIA) was expected to raise US$10bil to US$20bil, the paper said.

“AIA and its advisers are working round the clock to submit the filing before Christmas,” the paper quoted a person familiar with the matter as saying. “Nobody involved wants this to hang around for much longer.”

Filing a draft prospectus with stock exchange authorities before Christmas would trigger a formal three-month process that would set a path for a listing in the second quarter of 2010, the paper said.

AIG has appointed Deutsche Bank and Morgan Stanley as its joint global coordinators of the IPO, which will generate huge fees for the banks involved.

Goldman Sachs and Citigroup, which both advised on an aborted sale of AIA earlier this year, had emerged as frontrunners for more junior book-runner positions, along with Credit Suisse, the FT said, citing people familiar with the situation. — Reuters

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