|AIG ACQUIRES CREDIT LEASING ASSISTANCE, S.A. IN POLAND|
NEW YORK, November 16, 1998 – American International Group, Inc. (AIG) has announced that its subsidiary, AIG Consumer Finance Group, Inc., has acquired an 80 percent equity interest in Credit Leasing Assistance, S.a. (CLA), a provider of installment sales financing to retailers throughout Poland. As previously announced, AIG Consumer Finance Group acquired Bank Podlaski, a full service Polish bank, in June 1998.|
“We believe that CLA's strong management, excellent distribution network and reputation for high quality service provides a strong foundation to further build our market presence in Poland,” said Dale Walker, President, AIG Consumer Finance Group, Inc. “With the financial capabilities of Bank Podlaski and the high quality distribution network of CLA, AIG Consumer Finance is well positioned to deliver a wide array of new products and services to consumers throughout Poland.”
Bernard Afeltowicz, President of CLA's management board, said, “CLA has grown rapidly over the last few years. AIG provides CLA with the capabilities to serve Poland's expanding market for financial products and services. We are proud of what the company has achieved so far and excited to be associated with AIG.”
Headquartered in Wroclaw, CLA operates a network of 18 regional and 35 branch offices that provide financing for appliances, electronics and other consumer durables through more than 6000 retail stores throughout Poland.
AIG is the leading U.S.-based international insurance organization and among the largest underwriters of commercial and industrial insurance in the United States. Its member companies write property, casualty, marine, life and financial services insurance in approximately 130 countries and jurisdictions, and are engaged in a range of financial services businesses. American International Group, Inc.'s common stock is listed on the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.