THE government has picked China International Capital Corp. (CICC) and UBS Group AG to advise on potential disposals of assets owned by Anbang Insurance Group Co., sources with knowledge of the matter said.

Government regulators have asked CICC and UBS to help with preparations for divestments by Anbang, according to the sources. The work is still at the planning stages, and no formal auction process has begun, the sources said.

The government team that took over Anbang said in a statement on the insurer’s website late Monday that the company has no plans to dispose of its overseas assets and its operations are stable. Third parties are offering consultancy services, the statement said, and some media reports have read too much into the matter.

Anbang, which shot to fame after snapping up assets around the world, was temporarily seized by the government in February.

Anbang said earlier this month that an interim working group has been meeting investment banks as it reviews all of the company’s overseas assets.

China has taken steps in recent months to keep Anbang stable, injecting 60.8 billion yuan (US$9.5 billion) of capital in April to bolster its solvency. The government has also said it’s is seeking strategic investors for Anbang and aims to introduce private capital into the insurer as soon as possible.(SD-Agencies)