LONDON/HONG KONG (Reuters) – Prudential’s bid to buy American International Group’s Asian life unit is a bet against Asian stock markets as falling share prices across the region would make the alternative of listing the business in Hong Kong less attractive.
Prudential has been in on-again, off-again talks to buy the unit, American International Assurance (AIA), since early last year, with discussions resuming in late 2009, a source involved in the deal said on Sunday.
LONDON/HONG KONG Feb 28 (Reuters) – Prudential’s <PRU.L> bid
to buy American International Group’s <AIG.N> Asian life unit is
a bet against Asian stock markets as falling share prices across
the region would make the alternative of listing the business in
Hong Kong less attractive.
Prudential has been in on-again, off-again talks to buy the
unit, American International Assurance (AIA), since early last
year, with discussions resuming in late 2009, a source involved
in the deal said on Sunday.
HONG KONG (Reuters) – American International Group Inc <AIG.N> turned down JPMorgan’s <JPM.N> attempts to get in on the estimated $10 billion Hong Kong IPO of its Asian life insurance unit, sources involved with the deal said on Friday, in a snub partly stemming from soured relations dating back to the financial crisis.
JPMorgan is the only major investment bank omitted from a long list of underwriters for the IPO of American International Assurance (AIA), the U.S. insurer’s Asian arm once labeled by former CEO Maurice Hank Greenberg as the group’s ‘crown jewel’.
HONG KONG (Reuters) – Bank of America has embarked on a major hiring spree across Asia, aiming to expand in the fast growing region and revive the investment banking franchise that Merrill Lynch built before the financial crisis.
The push is a surprise to rivals who thought the bank would focus more on rebuilding its U.S. business and a welcome sign for Merrill veterans in Asia who worried their new owner would fail to spend time or money to revive the Asia Pacific business.
HONG KONG, Dec 31 (Reuters) – Russia’s UC RUSAL moved
closer to its planned $2.6 billion Hong Kong initial public
offering by unveiling key details as it aims to raise cash to
repay $14.9 billion in debt.
And for the first time, in its 1,100-page listing
prospectus, the world’s largest aluminium maker detailed key
financial information to the public, showing a brutal first
half of 2009.
HONG KONG (Reuters) – In the lucrative business of underwriting and selling company stock, J.P. Morgan led the world’s banks this year, earning an estimated $2.2 billion in fees, or nearly double what it hauled from the deals last year.
Across the investment banking industry, equity capital market (ECM) underwriting was the main driver of fees, marking a change in a sector where money made from advising on mergers and acquisitions is traditionally the cash cow.
HONG KONG, Dec 11 (Reuters) – French insurer AXA <AXAF.PA>
has put the auction of its 15.6 percent stake in China’s
Taikang Life on hold on growning concerns that some potential
buyers may be restricted under rules proposed by the insurance
regulator, sources with direct knowledge of the matter said on
The French insurer’s sale of its stake in Taikang has
received bids from Singapore state investor Temasek [TEM.UL],
Blackstone Group <BX.N>, KKR [KKR.UL] and other funds, sources
have previously said, with the stake expected to be worth
around $1 billion. [ID:nHKG157023]
HONG KONG (Reuters) – In the IPO boom that has swept through Asia this year, the Hong Kong Stock Exchange (HKEx) <0388.HK> emerged as the world’s top producer of new, publicly traded companies.
In Shanghai, it was a different story — the local exchange produced a fraction of the public offerings seen by its near neighbor, just a 2-hour plane ride south.
HONG KONG, Dec 10 (Reuters) – The allure of raising a
Chinese currency fund is strong for private equity firms.
But setting up a yuan fund risks alienating private
equity’s most prized stakeholders: U.S., European, and Middle
Eastern pension funds and fund-of-funds, which have committed
billions of dollars to the buyout industry over the last
HONG KONG (Reuters) – Shares of HSBC <0005.HK> <HSBA.L> and Standard Chartered <2888.HK> <STAN.L> rebounded in Hong Kong on Monday as investors viewed Friday’s drubbing on fears of exposure to Dubai as overdone.
HSBC <0005.HK> gained 3.9 percent and Standard Chartered <2888.HK> rose 5.3 percent by 0315 GMT. The benchmark Hang Seng index <.HSI> was up 3.4 percent.