Top Philippines company Ayala Corp. said that its insurance unit would team up with local arm of troubled US firm AIG in a partnership. The AIG unit called Philippine American Life Insurance Co is there to acquire 51% stake in Ayala Life Insurance which is a part of strategic banc assurance joint venture.
Through this partnership, Philamlife would gain access to Philippine Island Bank for customer base across 800 branches and 1500 teller machines in Philipppines. The cost of the deal was not yet disclosed, AIG was on a verge of collapse when people began tracking trillions of dollars in the risky financial product with a meltdown that lead to triggering of financial turn oil.
This was largest recipient of US bailout with the government pumping for more than 170 billion dollars into the firm which would keep the stake group in the process.
This group which is being overtaken has a net worth at 49.4 billion peros with a spun which is banking unit.
This was largest recipient of US bailout with the government pumping for more than 170 billion dollars into the firm which would keep the stake group in the process.
This group which is being overtaken has a net worth at 49.4 billion peros with a spun which is banking unit.
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