American International Group Inc is interviewing banks this week on managing a planned initial public offering of a life insurance unit, American Life Insurance Co, sources familiar with the matter said on Tuesday.

An IPO of Alico could fetch as much as $5 billion, depending on the size of the stake that is sold to the public, the sources said. AIG has said it plans to list the company in New York.

About 10 banks, including UBS AG , Deutsche Bank AG , Citigroup Inc , Credit Suisse Group AG and Goldman Sachs Group Inc , are expected to be interviewed for the job, the sources said.

Morgan Stanley is expected to get a lead role in the process, as it has been guaranteed that role by the Federal Reserve Bank of New York for any IPO of AIG units, the sources said.

An IPO of Alico is expected only after the public offering of another major AIG property, American International Assurance Co Ltd, which has been slated for early next year, one of the sources said.

AIG declined to comment. The sources declined to be identified because the process is not public.

(Reporting by Paritosh Bansal, editing by Gerald E. McCormick)

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