AIG name ousted from HK tower

AIG name ousted from HK tower
American International Group, the stricken US insurer, is to suffer the ignominy of having its name stripped from the landmark AIG Tower in Hong Kong.

The 185-metre structure, among the most recognisable in the city's skyline, is to be renamed on the wishes of American International Assurance, a leading AIG subsidiary and majority owner of the building.

Tenants of the 40-storey tower, which include the UK's Royal Bank of Scotland, were recently informed that the building would be named after AIA, Asia's leading regional life insurance group. The final name will be decided shortly.

The move will be seen as symbolic of AIG's woes and the fact that AIA is increasingly seeking to assert its own brand identity – possibly as a prelude to a flotation in Hong Kong this year.

The move forms part of an AIA policy to achieve regional brand consistency. The life assurer is also moving to rename its operations in South Korea, Vietnam, Indonesia and Australia, which currently use the AIG monicker.

“Renaming AIG Tower sends a subtle but important signal that AIA is charting its own course,” said one person familiar with the matter.

AIA said that changing the building's name would “enhance AIA's brand visibility in the city and provide clarity on its ownership”.