AIG taps Morgan Stanley and Deutsche Bank for Asia IPO

As it was reported, American International Group (AIG), also known as AIU Holdings, Inc., an American insurance corporation, has assigned Morgan Stanley and Deutsche Bank as global coordinators for the upcoming initial public offering of AIG's Asian life insurance unit. The spinoff of American International Assurance, through a public listing on an Asian stock exchange, is part of AIG's efforts to repay a government bailout of more than $180 billion. More than 30 investment banks applied for roles in the IPO, said a person familiar with the situation. The IPO could raise between $5 billion and $10 billion in the first quarter next year. Morgan Stanley was nominated by the Federal Reserve as a global coordinator because of its role advising the Fed on all matters related to AIG. Deutsche Bank was seen as a dark-horse candidate before interviews were held earlier this month. American International Assurance, an insurance company based in Hong Kong, has business in 13 markets in the Asia Pacific region. As of Nov. 30, 2008, it had more than $60 billion in assets and more than 20 million customers.