CCB to purchase AIG's Hong Kong financial unit
By Wang Bo | China Daily | Updated: 2009-08-13 07:57
China Construction Bank (CCB), the world's third largest lender by market value, inked a $70-million deal to buy a Hong Kong unit of American International Group (AIG) in a bid to obtain a firmer footing in the overseas market.
The bank will acquire 100 percent of AIG Finance (Hong Kong) Ltd, a wholly owned subsidiary of the New York-based AIG, which is expected to be transacted in October after approvals by regulators in Hong Kong and the US, said the bank in a statement yesterday.
The move is the Chinese lender's first overseas acquisition in three years after it spent $1.25 billion to buy 17 outlets of Bank of America in its Hong Kong and Macao units in August 2006.
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