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Dutch life insurance and pension provider Aegon NV (AEG) is looking for a buyer to purchase its Taiwan operation, a person familiar with the situation told Dow Jones Newswires on Tuesday.

The person declined to say how much Aegon plans to sell its Taiwanese unit for, or identify the potential buyers that have been contacted. The Economic Daily, a Taiwanese Chinese-language newspaper, cited unnamed sources as saying that Aegon plans to sell the unit for NT$4 billion (US$117.8 million).

A disposal of the Taiwanese unit would give Aegon "some capital relief," said the person, who declined to be named. The unit has capital of about NT$27.1 billion and owns NT$160 billion worth of assets.

Global financial service providers are seeking cash because of the credit crisis, and this is providing opportunities for their cash-rich Asian rivals to expand.

Taiwan's Fubon Financial Holding Co. paid US$600 million in October to buy the life insurance unit of ING Groep NV to expand its share of the life insurance market.

Chinatrust Financial Holding Co. (2891.TW), Taiwan's largest wealth manager by assets, said Monday it is evaluating acquiring an insurance company. But a person close to Chinatrust said Tuesday on condition of anonymity the company has ruled out Aegon's unit as a suitable acquisition target.

Meanwhile, Taishin Financial Holding Co. (2887.TW) said in a statement its plan to set up a life-insurance joint venture with Aegon remains intact for now because the deal was signed with Aegon, not its unit.

-By Perris Lee Choon Siong, Dow Jones Newswires; +8862-2502-2557; perris.lee@dowjones.com