American International Group, Inc. (AIG) announced that it has completed the sale of AIG Private Bank Ltd., a wholly owned subsidiary of AIG, to a subsidiary of Aabar Investments PJSC , a global investment company based in Abu Dhabi.
“Under the terms of the agreement, Aabar paid AIG approximately U.S. $253 million for the entire share capital of AIG Private Bank, and purchased and assumed approximately U.S. $55 million of intra-company loans outstanding to AIG Private Bank,” said the announcement.
“We are pleased to complete this transaction, which is part of our plan for the orderly sale of certain assets to repay the loans from the U. S. government,” stated Edward Liddy, AIG’s president and CEO.
“This is the fourth transaction we have closed in the past three weeks and it is one of 10 asset sale agreements we have reached in the past few months, despite a very challenging environment. Several other transactions are under discussion, and we continue to evaluate how best to assure the continued strength and success of all of AIG’s businesses.”
Source: American International Group – www.aig.com
Was this article valuable?
Here are more articles you may enjoy.