NEW YORK---Jun. 29, 2009--
American International Group, Inc. (AIG) today announced that it has
entered into an agreement to sell 98 percent of the shares in its
consumer finance operations in Russia, consisting of OOO AIG Bank (RUS),
with an option, not exercisable until mid-March 2011, for the sale of
the remaining two percent, to Banque PSA Finance SA (a 100
percent- owned subsidiary of PSA Peugeot Citroën Group). The transaction
is subject to the satisfaction of certain conditions, including approval
by the Central Bank of Russia.
OOO AIG Bank (RUS) was established in June 2008 and currently employs a
dozen employees. Terms of the transaction were not disclosed.
Deutsche Bank acted as financial advisor and Debevoise & Plimpton served
as legal counsel to AIG on this transaction. CMS in Russia served as
legal counsel to Banque PSA Finance.
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.
Wholly-owned by Peugeot S.A., Banque PSA Finance provides financing for
sales of Peugeot and Citroën cars and light commercial vehicles in 24
countries. It supports the brands' growth by offering retail and fleet
customers a diversified range of financing solutions and related
services, and by providing Peugeot and Citroën dealers with financing
for new and used vehicles and replacement parts inventories.
Source: American International Group, Inc.
American International Group, Inc.
Peter Tulupman (News Media)
Watson (Investor Community)