Entries tagged "AIG restructuring"
Ameriprise Financial Services Inc., the only strategic bidder for American International Group Inc.'s adviser group, has dropped out of the race.
American International Group Inc.'s Philippine American Life and General Insurance Co., known as Philamlife, seems to be one of the ailing insurer's most attractive assets, as numerous media reports in recent months have pointed to more than half a dozen potential buyers for the business. The latest: Philippine conglomerate SM Investment Corp., said Friday that it has started the due diligence review of Philamlife, according to Dow Jones Newswires. Teresita Sy, vice chairman of SM Investments, told Dow Jones and other reporters at a local event that she expects AIG to name the winning bidder within the first quarter. ...
Citigroup Inc.'s board is supposedly standing behind CEO Vikram Pandit as he pulls apart Sanford Weill's trumpeted financial supermarket model and forges ahead with plan to restructure the bank into one-third from its current size of roughly $2 trillion. The question is: Will investors also stand behind Pandit and his new plan after two federal bailouts totaling about $45 billion and forecast fourth-quarter losses? ...
Beleaguered insurance company American International Group Inc. may have found buyers for two of its Japanese life insurance businesses, Reuters reported Tuesday. Prudential Financial Inc., Manulife Financial Corp. and three other companies are expected to make bids for the two companies, Reuters said, citing people familiar with the matter. Specifically, Prudential unit Gibraltar Life Insurance Co. and Manulife will bid for AIG Edison Life Insurance Co. and AIG Star Life Insurance Co. Reuters said the remaining three bidders are a Japanese insurance company and two non-Japanese firms. ...
