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Nov 12, 2012

AIG keen to sell bank, expand in mortgages: CEO

HONG KONG (Reuters) – American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz) is planning to sell its savings and loan business as soon as a federal panel labels the insurance giant “too big to fail,” its chief executive said on Monday.

But even without a banking business, AIG is now looking more aggressively at making and purchasing mortgages as investment vehicles, Chief Executive Officer Bob Benmosche said in a telephone interview from Tokyo.

Nov 12, 2012

AIG CEO says expects SIFI tag, plans to sell savings and loan

HONG KONG, Nov 12 (Reuters) – American International Group
Inc (AIG.N: Quote, Profile, Research) said it is planning to sell its savings and loan
business as soon as a U.S. federal panel labels the insurance
giant “too big to fail.”

AIG had received $182.5 billion in bailout money from U.S.
taxpayers at the height of the financial crisis and has been
working to repay the government and regain its credibility ever
since.

Nov 7, 2012

Analysis: Foreign insurers enter Myanmar market with hope, caution

HONG KONG (Reuters) – The world’s top insurance firms are setting their sights on Myanmar, steeling themselves for a fight with corruption and ghosts from the nation’s political past.

Prudential Plc (PRU.L: Quote, Profile, Research, Stock Buzz), AIA Group Ltd (1299.HK: Quote, Profile, Research, Stock Buzz) and Manulife Financial Corp (MFC.TO: Quote, Profile, Research, Stock Buzz) are among the global insurance giants preparing to enter Myanmar as the government rolls out a framework for the sector’s development with the lifting of European and U.S. sanctions.

Nov 7, 2012

Foreign insurers enter Myanmar market with hope, caution

HONG KONG, Nov 7 (Reuters) – The world’s top insurance firms
are setting their sights on Myanmar, steeling themselves for a
fight with corruption and ghosts from the nation’s political
past.

Prudential Plc (PRU.L: Quote, Profile, Research), AIA Group Ltd (1299.HK: Quote, Profile, Research) and Manulife
Financial Corp (MFC.TO: Quote, Profile, Research) are among the global insurance giants
preparing to enter Myanmar as the government rolls out a
framework for the sector’s development with the lifting of
European and U.S. sanctions.

Nov 5, 2012

Prudential strikes 368 million pounds Thai insurance deal, turns up heat on AIA

HONG KONG (Reuters) – Prudential plc has agreed to buy the insurance unit of Thailand’s Thanachart Bank for 368 million pounds ($590 million) in cash, turning up the heat on rival AIA Group Ltd in the fast-growing Southeast Asian market.

The British insurer’s acquisition, which will double its market share in Thailand, is its first major attempt to buy an Asian company since Chief Executive Tidjane Thiam aborted a $35 billion bid in 2010 for AIA, the former Asian unit of American International Group Inc.

Nov 5, 2012

Pru strikes $590 mln Thai insurance deal, turns up heat on AIA

HONG KONG, Nov 5 (Reuters) – Prudential plc
has agreed to buy the insurance unit of Thailand’s Thanachart
Bank for 368 million pounds ($590 million) in cash, turning up
the heat on rival AIA Group Ltd in the fast-growing
Southeast Asian market.

The British insurer’s acquisition, which will double its
market share in Thailand, is its first major attempt to buy an
Asian company since Chief Executive Tidjane Thiam aborted a $35
billion bid in 2010 for AIA, the former Asian unit of American
International Group Inc.

Oct 22, 2012

Esprit taps shareholders for restructuring funds

HONG KONG, Oct 22 (Reuters) – Fashion retailer Esprit
Holdings Ltd is tapping shareholders for up to HK$5.25
billion ($677 million) to help finance a long-planned
multi-billion dollar restructuring.

Selling everything from bed sheets to jeans, Esprit has been
trying to restructure its retail business as sales slow,
especially in Europe where it generates three-quarters of its
sales.

Oct 19, 2012

Hong Kong tycoon Richard Li returns to insurance with $2.1 bln ING deal

HONG KONG, Oct 19 (Reuters) – Hong Kong businessman Richard
Li, the younger son of Asia’s richest man, is buying ING’s
Hong Kong, Macau and Thailand insurance units for $2.14
billion in cash, bringing the Dutch financial services company a
step closer to paying off its state bailout.

Li’s bid, through unlisted Pacific Century Group, marks his
return to an industry he exited in 2007 and would help expand
his business empire, which is now made up of telecoms, media and
funds management.

Oct 18, 2012

Richard Li nears $2 billion buy of ING units: sources

HONG KONG (Reuters) – Hong Kong businessman Richard Li, son of Asia’s richest man Li Ka-shing, is nearing a deal to buy ING’s Hong Kong and Thailand business for over $2 billion, sources with direct knowledge of the matter told Reuters on Thursday.

A deal could be announced as early as Friday, but could also be delayed to next week, the sources said. ING and Richard Li’s Pacific Century Group have entered final round of negotiations, they added.

Oct 18, 2012

Richard Li nears $2 bln buy of ING’s Hong Kong, Thai units-sources

HONG KONG, Oct 18 (Reuters) – Hong Kong businessman Richard
Li, son of Asia’s richest man Li Ka-shing, is nearing a deal to
buy ING’s Hong Kong and Thailand business for over $2 billion,
sources with direct knowledge of the matter told Reuters on
Thursday.

A deal could be announced as early as Friday, but could also
be delayed to next week, the sources said. ING and Richard Li’s
Pacific Century Group have entered final round of negotiations,
they added.

    • About Clare

      "I am based in New York and write about IPOs and wealth management. I was formerly based in San Francisco, where I wrote about tech companies."
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