Business

Thursday February 19, 2009

Four bidders for AIG business in Philippines


MANILA: US insurer American International Group (AIG) has shortlisted four potential buyers for its Philippine life insurance business, sources familiar with the negotiations said yesterday.

The likely bidders for Philippine American Life and General Insurance Co (Philamlife) are the Bank of the Philippine Islands, Banco de Oro Unibank, Toronto-based Manulife Financial Corp and an unidentified foreign investor, the sources, who did not want to be identified because they were not authorised to talk to media, said.

A top official at Banco de Oro confirmed the bank was preparing to submit a bid on Monday for Philamlife. Philippines’ second-largest bank by assets will partner Assicurazioni Generali SpA – Italy’s biggest insurer – and Malaysian general insurer Jerneh Asia Bhd of the Kuok Group, the official, who did not want to be identified, said.

Bank of the Philippine Islands has teamed up with Britain’s Prudential Plc (PRU.L), the sources said. – Reuters

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