|AIG ACQUIRES BANKU PODLASKIEGO IN POLAND|
NEW YORK, August 4, 1998 - American International Group, Inc. (AIG) has announced that its subsidiary, AIG Consumer Finance Group, Inc. has completed the acquisition of Banku Podlaskiego (Bank Podlaski), a Polish bank with operations directed primarily at consumers and small businesses. Bank Podlaski was established in 1992 under a general banking license granted by the National Bank of Poland, which has approved the acquisition. The bank accepts both demand and term deposits and offers personal loans, auto loans, mortgages and small business loans.|
"We are pleased to have this opportunity to enter the consumer finance market in Poland, and look forward to working with the management of Bank Podlaski in pursuing opportunities to expand the bank's product line and market presence," said Dale Walker, President, AIG Consumer Finance Group, Inc.
Thomas Kruk, Bank Podlaski President, said, "Joining with a well-respected global company like AIG will enable us to increase our customer base by offering a broader range of products and services. We are therefore very pleased at the opportunities this acquisition provides to our employees, customers, and communities."
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.