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

Bank of East Asia said it signed a deal to buy the Taiwan securities arm of American International Group as the ailing US insurance giant sells assets to raise cash.

Bank of East Asia said on Thursday it signed a deal to buy the Taiwan securities arm of American International Group as the ailing US insurance giant sells assets to raise cash.

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"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.