Around half of the financing for Ruen Chen Investment Holdings Ltd.'s US$2.16 billion bid for Nan Shan Life Insurance Co. will come from bank loans, and the rest will be cash, Samuel Yin, the chairman of the Ruentex group of companies, said Wednesday.

Yin was speaking at a news conference after American International Group Inc. (AIG) and Ruen Chen said earlier Ruen Chen had been picked as the preferred bidder to buy AIG's Taiwan life insurance unit, Nan Shan.

Ruen Chen is a consortium comprising Ruentex Development Co. (9945.TW), Ruentex Industries Ltd. (2915.TW) and Pou Chen Corp. (9904.TW).

-By Aries Poon, Dow Jones Newswires; 886-2-25022557; aries.poon@dowjones.com