TAIPEI, Taiwan (AP) — Taiwan's Financial Supervisory Commission said Thursday it has conditionally approved AIG's plan to sell its Taiwanese insurance unit to a local conglomerate.
The commission said that Ruen Chen consortium will be allowed to acquire AIG's 97.6 percent stake in Nan Shan Life Insurance Co. provided it can deposit NT$30 billion ($1.03 billion) in assets and another NT$6 billion ($207 million) in cash as a guarantee for the deal in 60 days.
Nan Shan is the third-biggest insurer in Taiwan.
The commission also requires Ruen Chen to lower its debt gradually.
American International Group Inc. reached the $2.2 billion deal with Ruen Chen in January, as part of the group's efforts to reduce its U.S. government ownership after being bailed out during the financial crisis.
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