American International Group, Inc. (AIG) has entered into an agreement under which it will combine its consumer finance business in Poland, conducted through AIG Bank Polska S.A., into the Polish consumer finance business of Santander Consumer Finance S.A., which is conducted through Santander Consumer Bank, S.A. (SCB).
In exchange, AIG will receive a 30 percent equity interest in SCB. At closing, all of the AIG intercompany debt facilities related to these entities will be repaid, and AIG will not be responsible for the future funding of the combined consumer finance businesses. Terms of the transaction were not disclosed.
The transaction is subject to the satisfaction of certain conditions, including approvals by the Polish Financial Supervision Commission and clearance by competition authorities.
Deutsche Bank AG acted as financial advisor and Dewey & LeBoeuf served as legal counsel to AIG on this transaction.
Source: AIG
Topics AIG
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