UPDATE 1-Taiwan regulator meets AIG CEO on Nan Shan sale

* AIG CEO visits Taiwan regulators 2nd time since August

* AIG CEO says hopes deal will receive greenlight soon
(Recasts lead; adds comments)

By Faith Hung and Rachel Lee

TAIPEI, Dec 15 (BestGrowthStock) – American International Group
(AIG.N: ) chief executive Bob Benmosche met Taiwan financial
regulators and expressed hopes the sale of its Taiwan unit Nan
Shan Life can be approved soon, a source at the financial
regulator said on Wednesday.

Benmosche exchanged views with the regulator on its criteria
for reviewing the Nan Shan sale, said the source at the Financial
Supervisory Commission (FSC). It was his second such visit since
August.

“Benmosche wants the sale to be approved as soon as
possible,” said the source, who had direct knowledge of the
situation. The source asked for anonymity due to the sensitive
nature of the matter.

AIG CEO’s visit comes days after Cathay Financial Holding
(2882.TW: ), Fubon Financial Holdings (2881.TW: ), Chinatrust
Financial Holding (2891.TW: ) and conglomerate Ruentex Group
submitted bids for Nan Shan.

A fifth bidder was Hong Kong investment firm Primus
Financial, local media have reported.

The bailed-out U.S. insurer said recently that it aimed to
sell the unit in two months for about the same amount as the bid
it received during the first attempt to sell the unit.

The original $2.15 billion bid by Hong Kong-based China
Strategic Holdings Ltd (0235.HK: ) and Primus Financial was
rejected by Taiwan regulators on grounds that they lacked both
the experience in running an insurance business and the ability
to raise money for future operations.

In a statement on Wednesday, the FSC reiterated its five
principles in reviewing the sale. The criteria included that
buyers needed to show fundraising ability and a long-term
commitment to operate Nan Shan, the statement said.

Nan Shan is Taiwan’s No.3 insurer by market share after the
insurance arms of Cathay Financial and Fubon, and has assets of
T$1.7 trillion ($56.5 billion). Cathay has about T$2 trillion in
assets.

Nan Shan recorded a loss of T$12.7 billion for the second
quarter and a loss of T$12.5 billion for the third.
($1=T$30.5)
(Editing by Jacqueline Wong)

UPDATE 1-Taiwan regulator meets AIG CEO on Nan Shan sale