AIG sells off AIG Private Bank

by Richard Kilner

Story link: AIG sells off AIG Private Bank

Troubled insurer American International Group, Inc. (AIG) has announced that the sale of its wholly owned subsidiary AIG Private Bank Ltd. (AIG Private Bank) to Abu Dhabi-based global investment firm Aabar Investments PJSC (Aabar) has been completed.

AIG received some US$253m from Aabar in the transaction for the share capital of AIG Private Bank, with Aabar also taking on some $55m of outstanding intra-company loans to AIG Private Bank.

Edward Liddy, president and CEO of AIG, has expressed his pleasure at the deal’s completion, which is part of the insurer’s strategic programme of selling off certain assets in order to repay the US government.

In the last three weeks a quartet of asset sales have been made.

Most recently the insurer sold off AIG Retail Bank Public Company Limited and AIG Card (Thailand) Company Limited in Thailand to Bank of Ayudhya Public Company Limited.

Previously AIG Life of Canada and Hartford Steam Boiler were sold to BMO Financial Group and Munich Re Group respectively.