|AMERICAN GENERAL FINANCE, INC. TO ACQUIRE A PORTION OF EQUITY ONE'S CONSUMER AND MORTGAGE LOAN PORTFOLIO FROM POPULAR, INC.|
NEW YORK--American General Finance, Inc. (American General Finance), a wholly owned subsidiary of American International Group, Inc. (AIG), today announced it has entered into an agreement with Popular, Inc. to acquire a substantial portion of its Equity One consumer branch loan portfolio for $1.49 billion. Equity One is a diversified consumer lending institution offering a complete line of real estate secured, home improvement and unsecured loan products. The transaction, which is subject to regulatory approvals and closing conditions, is expected to close in early 2008.
"American General Finance's business continues to perform quite well compared to many consumer lenders. That fact, combined with AIG's continued support, allows the company to take advantage of loan growth opportunities that fit our strategic objectives and our underwriting and return requirements,” said Frederick W. “Rick” Geissinger, Chairman and CEO, American General Finance. “Equity One's portfolio complements our existing business and we are excited by the opportunity to increase the number of customers American General Finance lends to around the country.”
American General Finance, Inc., through its subsidiaries is engaged in the consumer finance and credit insurance business. The company, headquartered in Evansville, Indiana, has assets of $27 billion and operates over 1,550 offices in 45 states, the United Kingdom, Puerto Rico and the U.S. Virgin Islands. Products and services are provided to more than 2 million families. The company offers direct consumer and home equity loans, retail sales financing, and other credit-related products. American General Finance, Inc. is a subsidiary of American International Group, Inc.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Paris and Tokyo.