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April 17, 2009 at 08:00 PM
American International Group Inc. announced it has sold its AIG Private Bank Ltd. subsidiary.
The company sold the bank, based in Zurich, to a subsidiary of Aabar Investments PJSC, Abu Dhabi, for $308 million.
AIG chairman and chief executive officer Edward Liddy said the deal is part of a plan for the sale of some of the company’s assets to repay more than $150 billion in loans from the U. S. government, which has an 80% stake in the company.
Under the terms of the sale agreement, Aabar, a global investment company, paid AIG approximately $253 million for the entire share capital of AIG Private Bank, and assumed around $55 million of intra-company loans outstanding to AIG Private Bank.
