UPDATE 1-AIG says committed to closing Nan Shan sale

* AIG says confident of getting regulatory nod for sale

* AIG says no intention to sell stake to any other party
(Adds background, byline)

By Faith Hung and Rachel Lee

TAIPEI, Aug 24 (BestGrowthStock) – American International Group Inc
(AIG) (AIG.N: ) said on Tuesday it was confident of getting the
regulatory nod for its $2.2 billion sale of Taiwan unit Nan
Shan Life to a group led by China Strategic (0235.HK: ) and had
no plans to sell the asset to any other party.

Bailed-out insurer AIG is raising money by selling some of
its international assets to pay back aid received from the U.S.
government as part of its rescue at the height of the financial
crisis. [ID:nN23207287].

The 10-month old sale of Nan Shan Life has failed to clear
regulatory hurdles amid concern the buyer group is backed by
Chinese money and lacks experience in the insurance business or
the ability to raise funds for future operations.

But Taiwan’s Financial Supervisory Commission started a
final review of the takeover by a group led by China Strategic
earlier this month and will make a decision on the sale “as
soon as possible,” an official said.

AIG previously extended the deadline for the sale to
mid-October.

“AIG has no intention of selling its stake to any other
party, and, for example, will not entertain an offer from
Chinatrust,” AIG said in an email, responding to Reuters’
queries.

Chinatrust Financial Holding Co (2891.TW: ), Taiwan’s top
credit card issuer, had originally bid for Nan Shan last year,
but it lost out to a consortium including China Strategic and
Primus Financial.

AIG said it “remains confident that regulatory authorities
will approve the transaction. If the deal were not approved,
AIG would evaluate its options to limit any long-term
commitments from its continued ownership in Nan Shan,” the
insurer added.

AIG is also planning to list its Asian life insurance
business, American International Assurance Co Ltd, on the Hong
Kong stock exchange later this year to raise funds to pay back
the U.S. government.

Nan Shan has more than 4 million policyholders, nearly
one-sixth of Taiwan’s population.
($1=T$32)
(Writing by Denny Thomas; Editing by Jonathan Hopfner and
Muralikumar Anantharaman)

UPDATE 1-AIG says committed to closing Nan Shan sale