AIG starts IPO for AIA

AIG is reviving its IPO for its Asian life insurance business, AIA, Reuters reports.

Bankers said the IPO, which could be completed by year-end, is targeting raising around $15bn. That would be the biggest ever IPO done solely in Hong Kong.

Before the IPO formally kicks off, AIA would have to fill the gaps in its management team as its chief financial officer and chief legal counsel quit during the Prudential bid.