The UK insurer is in talks to raise funds for a £8.6bn bid, according to reports

Prudential is preparing to raise funds to buy the Asian business of American International Group (AIG), according to reports.

The reports said the UK insurer was in advanced talks with investors to sell a 20% stake in the company.

The funds raised would help it launch an £8.6bn bid for AIG’s Asian unit.

Prudential's chief executive held talks with AIG last week over the purchase, according to the reports.