American International Group is to sell its Taiwan life insurance unit for $2.15 billion, marking the largest disposal since a U.S. government bailout saved the insurer from collapse last year, Reuters reported.

The sale of Nan Shan Life today was another step in AIG’s effort to repay U.S. taxpayers after the government injected $80 billion into the company, but the insurer faces two more sales processes in Asia and others across the globe.

The sale is to two little-known buyers: a start-up financial group run by a former Citigroup banker and an obscure, publicly traded Hong Kong holding company with a market value of $111 million.

“It (the deal) has to be approved by Taiwan’s investment commission first,” said Lee Chi-Chu, vice chairperson of the Financial Supervisory Commission, adding the regulator has not received an application from AIG. “We have told AIG that we do not welcome investors backed by China funds.”

Taiwan’s business ties with China have picked up since President Ma Ying-jeou took office last year.

The agreement will likely bring a sigh of relief to the AIG camp; at one point, it looked as if the process would not succeed.

Primus Financial, the firm founded by Citi’s former Asia investment banking head, and China Strategic Holdings are to buy Nan Shan Life, ending a five-month auction that involved private equity firms and local financial groups.

Nan Shan, a top three Taiwan insurer, has assets of $46.4 billion, employs 36,000 sales agents in Taiwan and has a market share of 10 percent with its 4 million customers.

Primus will own around 20 percent of the business and China Strategic 80 percent, according to the companies.