Bank of Ayudhya Public Company Ltd. has bought a bank subsidiary and a credit card business from American International Group Inc.
Bank of Ayudhya, Bangkok, has paid $45 million for AIG Retail Bank Public Company Ltd., Bangkok, and AIG Card (Thailand) Company Ltd., Bangkok.
AIG entered the Thai consumer finance market in 1997.
Bank of Ayudhya also will re-pay about $495 million that the units owe to other parts of AIG.
“Despite the most challenging market environment in memory, we have reached agreements on the sale of 10 businesses, with others under discussion,” AIG Chairman Edward Liddy says in a statement.