metrobank-enters-the-fray-for-aigs-philamlife

Metrobank enters the fray for AIG's Philamlife

The Philippine bank is the latest contender for one of the jewels in AIG's Asian crown, joining a group of potential bidders that includes several of the country's largest companies.
Metrobank Group, the Philippines' largest bank in terms of assets, last week formally announced its intention to take over Philippine American Life and General Insurance Company Philamlife, making it the latest participant in the race for American International Group's AIG Asian assets.

AIG is selling off chunks of its Asian business û as well as some of its other overseas businesses û in order to pay back the money it has received from the US government to ride out the financial crisis. The credit line was originally estimated at $85 billion but announcements earlier this month suggest it could now extend to $123 billion. AIG is being advised on the sell-downs by Blackstone and...
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