The Industrial and Commercial Bank of China (ICBC), the world’s largest bank in terms of market capitalization, has teamed up with AIA Ltd, AIG’s Asian life insurance unit, to have ICBC sell AIA products at its branches. A good move for AIG, seeing as “China is the world’s sixth-largest life insurance market, with about $96 billion in total premiums collected in 2008.”

“AIA will work jointly with ICBC in areas such as sales and marketing system, product innovation, service quality, technological advancement and sustainable profitability,” Tucker added.

That’s not the only thing AIG’s Asian unit has going for it.

AIA Ltd is planning an IPO for sometime next month. As for now, the Hong Kong listing committee is in the process of approving the IPO application. Once approved, the IPO could raise close to $15 billion — some of which will be used to pay back AIG’s $182 billion taxpayer bailout. The insurance giant is seeking a September 21st approval.

Though it’s a small fraction of the amount AIG owes, it’s a start.