AIG to expand RP operations

The American Insurance Group (AIG) is likely to expand its operations in the Philippines further, according to Philippine American Life Insurance Co. (Philamlife) chairman Jose Cuisia Jr. Philamlife is a subsidiary of the AIG Group.

In an interview with The Star, Cuisia said he would be leaving within this week for New York to meet with the AIG board about the other expansion plans of AIG in the country. He will leave on March 8 and return on March 14.

Cuisia said he would also discuss with AIG officials, the results of the study by the AIG Investment Division on the Philippine operations of the group.

"I don't know the results (of the AIG Investment study) yet. But they have already finished their study on the Philippines," he said.

In earlier interviews, Cuisia said AIG Investment is studying the possibility of expanding the banking business of the group, particularly the Philamlife Savings Bank after the group decided to sell its shares in Far East Bank and Trust Co. (FEBTC) in favor of Bank of Philippine Islands (BPI). FEBTC and BPI merged recently.

Recently, AIG decided to diversify into the credit card and information technology business in the country through the creation of AIG Credit Corp. and direct investment in SPI Technologies, respectively.

Aside from Philam Savings, the Philam Group consists of Philamcare, Philam Plans, Philam Fund Management and Philam Properties Corp.

With about 10 branches all over the country, the Philamlife Group is thinking of ways to expand its Philam Savings subsidiary.

Cuisia said they have no plans yet of converting Philam Savings into a commercial bank.