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Macquarie may bid for AIG unit.

Global Banking News-8 May 2009-Macquarie may bid for AIG unit(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 08 May 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

Macquarie Group Ltd (NYSE: MIC), considered to be Australia's biggest investment bank, is to bid for a unit of American International Group, Inc (NYSE: AIG) (AIG), AIG Investments.

The Australian bank is to bid for the fund unit of AIG, which has about USD100bn under management. AIG may sell the unit for USD500m. Macquarie Group Ltd had last week raised AUD540m in a stock sale.

Macquarie Group Ltd's CEO, Nicholas Moore, is shifting focus from infrastructure investments to businesses such as managing stocks and bonds for clients after the company reported a loss in 16 years.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:May 8, 2009
Words:152
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