AIG merges Polish consumer finance unit with Santander
by Gill Montia
American International Group (AIG) has announced that it is combining its Polish consumer finance business with the Polish consumer finance business of Santander.
The AIG business is conducted through AIG Bank Polska while Santander’s consumer finance operations in the country are carried out by Santander Consumer Bank (SCB).
The move gives AIG a 30% equity interest in SCB and on completion of the transaction, all AIG’s intercompany debt facilities related to these entities will be repaid.
The insurer will therefore not be responsible for the future funding of the combined consumer finance businesses.
The terms of the transaction have not been disclosed and the deal is subject to the satisfaction of certain conditions, including approvals by the Polish Financial Supervision Commission and clearance by competition authorities.