Daily Insurance Industry News
 
 
Daily Insurance Industry News
Tuesday 23rd of January 2018
March 27, 2009

Bank of East Asia to acquire Taiwan-based AIG unit

by David Masters

Story link: Bank of East Asia to acquire Taiwan-based AIG unit

Bank of East Asia, the fifth biggest lender in Hong Kong, is to acquire AIG’s Taiwan securities business.

Financial details of the transaction were not disclosed, but analysts estimate that the deal could be worth up to $20 million.

Chan Kay-cheung, Vice Chairman of Bank of East Asia, told Reuters that the deal is subject to regulatory approval.

An analyst who wished to remain anonymous said the acquisition was a ‘good deal’ for Bank of East Asia.

Founded in 1918, Bank of East Asia has total consolidated assets of HK$415.3 billion (US$53.58 billion).

 

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