It has been reported that the US insurance giant AIG, which was recently injected with some major bail-out funds, is looking to list its Asian division in the Hong Kong stock exchange, and float a major initial public offering, by the second-quarter of the coming year. The sale, reportedly, could raise as much as $20 Billion.

AIG had, in May, announced that it is looking to float its American International Assurance offering, and is expected to file an official prospectus anytime before Christmas.

If the insurer goes through with the Hong Kong listing, and regulators approve the process, it would be one of the world's largest ever recorded sales of shares. It has been reported that the company has now submitted a listing application to the HK exchange.

AIG had, earlier this year, decided to sell off its Asian assets, but the same has now been decided against, in favor of an offering. It is believed that the services of Deutsche Bank and Morgan Stanley have been appointed to help with the process.

Funds raised from the IPO will, reportedly, go towards repayment of loans. Although the insurer has confirmed the offering, no timelines have been confirmed.