Brazilian bank Unibanco (NYSE: UBB) has made an offer to the Fed for all local operations of troubled US insurer AIG (NYSE: AIG) and is awaiting a response, a company spokesperson confirmed to BNamericas.
The spokesperson declined to provide details of what operations would be included, the price, or the timeframe of the offer.
Unibanco has 52% of the voting capital in local insurance JV Unibanco AIG, while the US insurer holds 48%. Last month, Unibanco said that it might look to exercise its right of first refusal on AIG's share in the JV.
In September, the US government bailed out AIG with a US$85bn two-year loan through which it took a 79.9% stake in the insurer. The government opened another lending facility worth US$37.8bn earlier this month.
To pay back the loans, AIG announced it would be trying to sell its American Life Insurance Company (ALICO) assets worldwide in addition to most businesses not involved in its US P&C and foreign general insurance operations.
Unibanco AIG reported 3.45bn reais (US$1.49bn) in total premiums from January-August, up 13.1% from the same period last year, according to the latest figure from Brazil's insurance regulator Susep.
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