Chinese insurance company Anbang Insurance Group Co Ltd, which made headlines in February after it was suddenly taken under government control and its CEO put on trial, is in talks with investment banks on how to manage its extensive asset portfolio.
Anbang is in search of a financial adviser to help sell off some its illiquid assets, sources told Bloomberg, many of which were accumulated after a bout of aggressive borrowing by the company. Advisers may also assist in finding new investors for the troubled financial firm.
The activity is being overseen by China’s Banking and Insurance Regulatory Commission, which said last week that it would seek private financing for Anbang as soon as possible.
Anbang currently holds many properties around the world, most notably the Waldorf Astoria hotel in New York, as well as controlling stakes in several major insurance firms in the Netherlands, Belgium and South Korea.