Bloomberg News

ICBC Says Investment Arm Has No Plan to Join AIG Plane-Unit Deal

December 15, 2012

An investment arm of ICBC International Holdings Ltd. may not join the group of Chinese investors set to buy a majority stake in American International Group Inc. (AIG:US)’s International Lease Finance Corp. plane-leasing business.

“ICBC, including its subsidiaries, doesn’t have a plan or a consideration to acquire ILFC,” Industrial & Commercial Bank of China (601398) Ltd. press officer Wang Zhenning said by telephone today.

A group including New China Trust Co., China Aviation Industrial Fund, and P3 Investments Ltd. agreed to buy 80 percent of ILFC for $4.23 billion, according to a Dec. 10 statement from New York-based AIG. AIG said in the statement that a unit of ICBC International Holdings, the investment banking arm of the world’s biggest bank, and New China Life Insurance Co. may also join once the deal is approved.

“The investor group is expected to be expanded to include other investors,” according to an e-mailed statement from Steven Lipin at Brunswick Group, who represents the group, called Jumbo Acquisition Ltd. “Any new investors in Jumbo will be named at that time.”

The e-mailed statement didn’t include ICBC or New China Life. Lipin declined to comment on the exclusion of the companies from the new statement, dated Dec. 14. Jon Diat, an AIG spokesman, declined to comment on the investors buying ILFC.

The South China Morning Post previously reported that ICBC and New China Life had no plan to join the ILFC deal. An attempt to reach New China Life wasn’t successful.

To contact the reporters on this story: Zachary Tracer in New York at ztracer1@bloomberg.net; Jasmine Wang in Hong Kong at jwang513@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net CH <Equity> CN AIG US <Equity> CN


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Companies Mentioned

  • AIG
    (American International Group Inc)
    • $54.59 USD
    • 0.14
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