AIG To Sell Consumer Finance Operations In Hong Kong
NEW YORK - American International Group, Inc. (“AIG”) today announced that it has entered into an agreement to sell 100 percent of its shares of AIG Finance (Hong Kong) Limited (“AIG Finance”) to China Construction Bank Asia for $70 million in cash, subject to typical closing adjustments, plus the repayment of intra-group indebtedness and deposits of approximately US$557 million.
The transaction is subject to the satisfaction of certain conditions, including approvals by appropriate regulatory authorities.
AIG Finance is a leading issuer of credit cards in Hong Kong, operating as a restricted license bank that offers a variety of financial products and services. As of June 30, 2009, AIG Finance had more than 500,000 customers, total net loan receivables of HK$4.8 billion and a retail deposits balance of HK$1 billion.
Deutsche Bank acted as financial advisor to AIG on this transaction.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
Source: American International Group, Inc.
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