The bid made by Chinatrust was beyond the $2 billion target of AIG's expectation for its Taiwan unit

Chinatrust Financial, a Taiwan-based financial services company, has offered $2.4 billion for the bidding of AIG’s Taiwan unit, Nan Shan Life – reported Reuters.

Reportedly, Primus Financial was one of the contenders competing with Chinatrust to acquire Nan Shan Life. Primus Financial gave up its challenge after Chinatrust increased the bidding price to T$80 billion ($2.4 billion).

The bid made by Chinatrust was above the market expectations. The offer made by Chinatrust was beyond the $2 billion target American International Group had expected for its Taiwan unit.

All the other three bidders, Primus Financial and China Strategic, Carlyle Group and Fubon Financial, and Cathay Financial, had offered less than $1.5 billion each for the bidding.

AIG, a New York-based financial services giant, is under debt pressure to repay over $80 billion in US bailout loans, that was extended last year. The bailout happened when the insurer nearly collapsed as a result of mortgage-related derivative losses, quoted Reuters.