Strengthening its long-standing
position in China AIA Group, American International Group’s (AIG)
Asian business has entered into a long-term partnership with
state-owned Industrial and Commercial Bank of China Limited
(ICBC).
According to AIA, ICBC is the
world’s largest listed bank by market capitalisation, deposit
volume and profitability.
Go deeper with GlobalData
“AIA will work jointly with ICBC in
areas such as sales and marketing system, product innovation,
service quality, technological advancement and sustainable
profitability,” said AIA executive chairman and CEO designate Mark
Tucker.
AIG announced Tucker’s appointment
as AIA executive chairman and CEO designate in July. Tucker is a
former group CEO of UK insurer Prudential which, under the
leadership of its current CEO Tidjane Thiam earlier this year,
launched an abortive $35.5bn takeover bid for AIA.
AIA is currently preparing to
launch an initial public offer on the Honk Kong Stock Exchange.
