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AIG names banks to manage sale of U.S. stake

AIG chose Bank of America, Deutsche Bank AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. to manage the sale of the government’s 92 percent stake in the insurer, a person familiar with the situation said on Tuesday.

Sources have said that the process likely will begin with a secondary offering in May that could be one of the 10 largest in history. The government is expected to sell at least $15 billion in AIG shares then, and the company is expected to sell another $3 billion.