AIG repays Federal Reserve $21bn
American International Group (AIG) has settled up on a Federal Reserve credit facility of around $21 billion, and exchanged various forms of government support for shares.
The US Treasury Department now owns approximately 92% of the group’s common shares and is expected to sell its stake in the insurance giant over time.
AIG president and chief executive officer, Robert H Benmosche, said: “AIG, with the support of countless people, has accomplished a huge goal that many people once thought impossible: completely repaying the Federal Reserve Bank of New York.”
He added: “We remain grateful for the extraordinary assistance that taxpayers provided during the financial crisis of 2008, and we continue to believe they will realize a profit on their investment in AIG.”
Despite a major programme of disposals over the past two years, AIG continues to operate in more than 130 countries and jurisdictions.
Category: Companies News, Financials, Insurance News
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