NEW YORK--Apr. 16, 2009--
American International Group, Inc. (AIG) announced today that it has
completed the sale of AIG Private Bank Ltd. (AIG Private Bank), a wholly
owned subsidiary of AIG, to a subsidiary of Aabar Investments PJSC
(Aabar), a global investment company based in Abu Dhabi.
Under the terms of the agreement, Aabar paid AIG approximately U.S. $253
million for the entire share capital of AIG Private Bank, and purchased
and assumed approximately U.S. $55 million of intra-company loans
outstanding to AIG Private Bank.
“We are pleased to complete this transaction, which is part of our plan
for the orderly sale of certain assets to repay the loans from the U. S.
government,” said Edward Liddy, AIG’s president and chief executive
officer. “This is the fourth transaction we have closed in the past
three weeks and it is one of 10 asset sale agreements we have reached in
the past few months, despite a very challenging environment. Several
other transactions are under discussion, and we continue to evaluate how
best to assure the continued strength and success of all of AIG’s
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 Ireland and Tokyo.
Source: American International Group, Inc.
American International Group, Inc.
David Monfried (News Media)
Watson, (Investment Community)