AIG To Receive In Exchange a 30% Stake In Santander's Polish Company
NEW YORK--Jul. 29, 2009--
American International Group, Inc. (AIG) today announced that it has
entered into an agreement under which it will combine its consumer
finance business in Poland, conducted through AIG Bank Polska
S.A., into the Polish consumer finance business of Santander Consumer
Finance S.A., which is conducted through Santander Consumer Bank, S.A.
(SCB). In exchange, AIG will receive a 30% equity interest in SCB. At
closing, all of the AIG intercompany debt facilities related to these
entities will be repaid, and AIG will not be responsible for the future
funding of the combined consumer finance businesses. Terms of the
transaction were not disclosed.
The transaction is subject to the satisfaction of certain conditions,
including approvals by the Polish Financial Supervision Commission and
clearance by competition authorities.
Deutsche Bank AG acted as financial advisor and Dewey & LeBoeuf 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.