American International Group took further action to remove its connection to federal bailout funds afforded it during the 2008 financial crisis. Following its sale of two-thirds of its China-based AIA subsidiary in 2010, the company confirmed that it’s selling another $6 billion AIA Group Ltd. shares to further pay back the U.S. government the funds it acquired under the Troubled Asset Relief Program (TARP).
The insurer is offering approximately 1.7 billion AIA shares at HK$27.15 to HK$27.50 per share to institutional investors who weren’t identified, according to a sales document obtained by Bloomberg. New York-based AIG will hold about 19 percent of AIA after the stock sale, reports Bloomberg.
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access