are vying for lucrative roles advising on a more than $5 billion spinoff of
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
report late Sunday. The sale could reap AIG between $5 billion and $10 billion, the paper reported.
Bank of America
Merrill Lynch unit, are out of the running, despite having impressive underwriting credentials in the Asia Pacific region, the report states, citing unidentified sources.