AIG Agrees to Sell Private Bank to Dubai’s Aabar Investments PJSC

American International Group has announced an agreement to sell AIG Private Bank Ltd., a wholly-owned subsidiary of AIG, to Aabar Investments PJSC, a global investment company based in Abu Dhabi.

The bulletin said: “Under its new ownership, AIG Private Bank will become an independent financial institution, headquartered in Switzerland along with branches and representative offices in Hong Kong, Shanghai, Singapore and Dubai. AIG Private Bank will conduct its business under a new name and will continue to focus on providing wealth management services to high net worth individuals in Switzerland, Western and Eastern Europe, Asia and the Middle East.”

H.E. Khadem Al Qubaisi, Chairman of Aabar and future designated Chairman of the bank, added: “We have looked very thoroughly at AIG Private Bank and are impressed by the professionalism and dedication of the management team and staff. This transaction represents a great opportunity to leverage AIG Private Bank’s expertise in wealth management and to further develop it in our region. AIG Private Bank provides us with a platform with the potential for significant long-term growth and value creation.”

Eduardo Leemann, CEO of AIG Private Bank, who, along with the senior management team will remain with the bank, expressed his confidence in the new owners. He added that the acquisition by Aabar “sends a clear message to our customers that we will continue to be a trustworthy, reliable and competent partner for them. It also offers us new opportunities to expand our operations, especially in the Middle East.”

Source: American International Group – www.aig.com

Latest Comments

• December 1, 2008 at 3:55 am

  Baxtor says:

  How much did they sell it for? Is that money going straight to the Federal Government to pay on their loan or to buy some of their stock back from the gov?