American International Group (AIG) today announced that it has completed the sale of its retail bank and credit card operation to Bank of Ayudhya for $45m.
The sale of AIG Retail Bank Public Company Limited and AIG Card (Thailand) Company Limited also allows the repayment of intra-group debt of around $495m.
The sale marks the third deal closed in the past week after AIG announced it had sold AIG Life of Canada to BMO Financial for $263m and Hartford Steam Boiler to Munich Re for $739m.
"We continue to execute on our plan for orderly and effective asset disposition to repay the US government," said Edward Liddy, AIG's chairman and chief executive officer.
"Despite the most challenging market environment in memory, we have reached agreements on the sale of 10 businesses, with others under discussion. We continue to evaluate how best to assure the continued strength and success of all of AIG's businesses for the benefit of all AIG stakeholders."