For Immediate Release
Chicago, IL – September 13, 2010 – Zacks.com Analyst Blog features: American International Group Inc. (AIG), Citigroup Inc. (C), Deutsche Bank AG (DB), The Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS ).
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Here are highlights from Friday's Analyst Blog:
AIG Unit Inks Deal with Chinese Firm
In a move to strengthen its position in China, American International Assurance Co. (“AIA”), the Asian arm of American International Group Inc. (AIG), signed a bancassurance agreement with Industrial & Commercial Bank of China Ltd. (“ICBC”) to sell its life insurance products at ICBC's branches.
To date, AIA has 17 bancassurance agreements in China and is the only foreign company to own its Chinese operating license outright. This agreement will allow AIA to market its products through ICBC's more than 16,000 branches. AIA will also work hand in hand with ICBC in the field of sales and marketing, product innovation, service quality, technological advancement and sustainable profitability.
AIA has already positioned itself as the leading foreign life assurer in China, having more than 25,000 sales agents in the country and a roughly 21% market share of premiums earned by foreign life insurance companies in 2008. Additionally, AIG is on track with the initial public offering (IPO) plan for AIA and is seeking regulatory approval regarding the listing on the Hong Kong Stock Exchange on September 21.
According to the IPO deal, AIG wants to sell AIA shares largely to cornerstone investors involving sovereign wealth funds from China as well as other parts of Asia and the Middle East.
Citigroup Inc. (C), Deutsche Bank AG (DB), The Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS ) will act as the joint global coordinators for the IPO.
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AMER INTL GRP (AIG): Free Stock Analysis Report
CITIGROUP INC (C): Free Stock Analysis Report
DEUTSCHE BK AG (DB): Free Stock Analysis Report
GOLDMAN SACHS (GS): Free Stock Analysis Report
MORGAN STANLEY (MS): Free Stock Analysis Report
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