ING and ADAG eye-up AIG’s Asian business

by Gill Montia

Story link: ING and ADAG eye-up AIG’s Asian business

Dutch bank, ING, is making headlines again, this time with the news that it is taking an interest in American International Group’s (AIG) sale of its Asian businesses.

AIG is undertaking a rapid programme of disposals following its bail-out by the US Federal Reserve with an $85 billion loan facility, in mid-September.

Prudential has already confirmed that it is interested in AIG’s Asian operations, which could bolster its own fast-growing business in the region.

The group is reported to be in talks with sovereign wealth funds over raising cash for acquisitions, having appointed Credit Suisse to lead negotiations.

India’s Reliance Anil Dhirubhai Ambani Group (ADAG) is also rumoured to watching the situation closely.

It is understood that any deal between ADAG and AIG would exclude AIG’s Indian life insurance joint venture with the Tata group, but could still make ADAG the largest life insurer in Southeast Asia.

ING has had a busy week so far, having announced the sale of its Taiwanese life insurance business to Fubon Financial Holdings and details of a €10 billion injection of cash from the Dutch Government, in the past 48 hours.