CHARLOTTE, N.C. - New York Life Insurance Co. said it plans to keep Aegis Technologies in full operation as it seeks a buyer for the subsidiary, formerly known as Personal Financial Assistant Inc.

The announcement comes in response to published reports that New York Life planned to close the 133-employee firm, which makes automated kiosks with two-way video screens that several banks use to sell their products and services.

"Our plan continues to be to sell Aegis and avoid any layoffs," said John DeNiro, a senior vice president with New York Life.

The company is still viable, but its main line of business is no longer compatible with New York Life's strategic direction. The insurance company plans to focus more attention on its core businesses.

"Our preference continues to be to sell the company to allow its continued operations in Charlotte, and we remain optimistic about our ability to achieve that goal," Mr. DeNiro said.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.