American International Group, Inc. (AIG) announced that it has entered into an agreement to sell 100 percent of its shares in its consumer finance operations in Argentina, consisting of Compania Financiera Argentina S.A. (CFA), Cobranzas y Servicios S.A. and AIG Universal Processing Center S.A., to Banco de Galicia y Buenos Aires S.A. and an investment group arranged by Grupo Pegasus.
Financial terms of the transaction were not disclosed. It is also “subject to the satisfaction of certain conditions, including approvals by the Argentine Central Bank and the Argentine National Commission for the Defense of Competition,” said AIG.
CFA is a leading provider of personal loans in Argentina, with 93 branches nationwide, distribution agreements with approximately 3,900 retailers and approximately one million customers.
Source: American International Group – www.aig.com
Topics AIG
Was this article valuable?
Here are more articles you may enjoy.
AIG to Pay Neal $2.7 Million to Cover Previous Firm’s Bonus 
Royal Bank of Canada Denies Claims of ‘Boys Club’ Culture, Bias Against Women 
Insurance Customers Skeptical About AI Processes and Benefits 
Taiping Insurance Shares Hit by Over $200 Million Exposure to Hong Kong Fire 
