Morgan Stanley

(MS) - Get Report

,

Citigroup

(C) - Get Report

,

Goldman Sachs

(GS) - Get Report

and

JPMorgan Chase

(JPM) - Get Report

are vying for lucrative roles advising on a more than $5 billion spinoff of

AIG's

(AIG) - Get Report

Asian life insurance business, according to a published report.

AIG is spinning off

American International Assurance

, its Asian life insurance business, as part of its effort to repay the federal government's $180 billion bailout, according to a

Financial Times

report late Sunday. The sale could reap AIG between $5 billion and $10 billion, the paper reported.

UBS

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and

Bank of America

's

(BAC) - Get Report

Merrill Lynch unit, are out of the running, despite having impressive underwriting credentials in the Asia Pacific region, the report states, citing unidentified sources.