AIG sells eccentric AIG Private Bank

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

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

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

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

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

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