AIG sells Mexican consumer finance operations
by Richard Kilner
Story link: AIG sells Mexican consumer finance operations
American International Group, Inc. (AIG) has announced that the sale of its consumer finance operations in Mexico has been closed.
The terms of the deal, which includes AIG Universal, S.A. de C.V., SOFOM E.N.R. and Markcenter Services, S. de R.L. de C.V, to Desarrollo de Negocios Integrados, S.A. de C.V. and Inversiones DNI, S.A. de C.V., companies related to Afirme Grupo Financiero and Consorcio Villacero, have not been made public.
AIG Universal was established four years ago, and presently serves approximately 50,000 customers from 50 branches throughout central and northern Mexico.
Alain Karaoglan, senior VP – Divestiture, has stated that the sale allows the insurer to maintain its momentum in asset sales and that the firm was pleased with its progress in this endeavour.
AIG has embarked upon a sustained programme of asset sales in a bid to shore up its financial position and to repay the US taxpayer.
In recent months the insurer has also sold it Argentine consumer finance operations, and a $1.2bn piece of real estate in downtown Tokyo.