NEW YORK--Jun. 2, 2009--
American International Group, Inc. (AIG) today announced that it has
entered into an agreement to sell 100 percent of its shares in its
consumer finance operations in Argentina, consisting of Compañía
Financiera Argentina S.A. (CFA), Cobranzas y Servicios S.A. and AIG
Universal Processing Center S.A., to Banco de Galicia y Buenos Aires
S.A. and an investment group arranged by Grupo Pegasus. Financial terms
of the transaction were not disclosed. The transaction is subject to the
satisfaction of certain conditions, including approvals by the Argentine
Central Bank and the Argentine National Commission for the
Defense of Competition.
CFA is a leading provider of personal loans in Argentina, with 93
branches nationwide, distribution agreements with approximately 3,900
retailers and approximately one million customers.
UBS Investment Bank acted as financial advisor and Kramer Levin Naftalis
& Frankel served as legal counsel to AIG on this transaction.
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.
Peter Tulupman (News Media)
Watson (Investor Community)