Chinese regulators have picked China International Capital Corp (CICC) and UBS Group to advise on potential disposals of assets owned by troubled Anbang Insurance Group, reports Bloomberg citing people with knowledge of the matter.
The work is still at the planning stages, and no formal auction process has begun, the people said.
Anbang, which shot to fame after snapping up assets around the world including the Waldorf Astoria in New York, was temporarily seized by the government in February amid President Xi Jinping’s campaign to curb risks in the financial system. The insurer’s former chairmain, Wu Xiaohui, was sentenced earlier this month to 18 years in prison after being convicted of fraud and embezzlement.
Anbang, which has received a bailout loan of $10 billion, said earlier this month that an interim working group has been meeting investment banks as it reviews all of the company’s overseas assets.
The Chinese government has also said it is seeking strategic investors for Anbang and aims to introduce private capital into the insurer as soon as possible.