Clifford Chance and Linklaters have played lead roles on China Construction Bank Asia's (CCB) acquisition of AIG Finance, the consumer finance operations of the AIG group in Hong Kong.

The deal, which is still subject to regulatory approvals, will see CCB acquire the outstanding shares of AIG Finance for US$70m and will significantly increase the Chinese Bank's consumer finance business in Hong Kong.

A Clifford Chance team led by Amy Lo and Simon Cooke were retained by CCB, while Andrew Mackie led a Linklaters team acting for AIG.

Cooke said that the transaction may be the first of many in Asia's financial services sector as companies look to take advantage of the economic green shoots appearing across the region at the moment.  "We expect to see more transactions of this nature as the region's financial institutions realign their operations and adjust their balance sheets to take advantage of both the continued economic recovery and the long-term growth potential in Asia."