AIG completes sale of AIG Private Bank to Aabar for $253m

AIG completes sale of AIG Private Bank to Aabar for $253m

American International Group (AIG) announced today that it has completed the sale of AIG Private Bank to a subsidiary of Aabar Investments PJSC, a global investment company based in Abu Dhabi.

Aabar paid AIG approximately $253m for the entire share capital of AIG Private Bank, and purchased and assumed approximately $55m of intra-company loans outstanding to AIG Private Bank.

"We are pleased to complete this transaction, which is part of our plan for the orderly sale of certain assets to repay the loans from the US government," said Edward Liddy, AIG's president and chief executive officer.

"This is the fourth transaction we have closed in the past three weeks and it is one of 10 asset sale agreements we have reached in the past few months, despite a very challenging environment. Several other transactions are under discussion, and we continue to evaluate how best to assure the continued strength and success of all of AIG's businesses."

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