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Bank of East Asia to buy AIG's Taiwan securities unit

Wed Mar 25, 2009 9:49pm EDT

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HONG KONG, March 26 (Reuters) - Bank of East Asia (0023.HK) said on Thursday it signed a deal to buy the Taiwan securities arm of American International Group (AIG.N) as the ailing U.S. insurance giant sells assets to raise cash.

Stocks  |  Mergers & Acquisitions

"The deal is subject to regulatory approval in Taiwan and we will have an announcement later today," Chan Kay-cheung, Vice Chairman of Bank of East Asia (China), told Reuters.

The acquisition indicates Bank of East Asia, Hong Kong's fifth-largest lender, is interested in tapping the wealth management markets in Taiwan, China and Hong Kong.

No financial details were available yet. (Reporting by Clare Jim, Editing by Jacqueline Wong)

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