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AIG to sell Thai bank, consumer finance units

AIG to sell Thai bank, consumer finance units
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First Published: Mon, Oct 06 2008. 09 50 AM IST
Updated: Mon, Oct 06 2008. 09 50 AM IST
Reuters
Bangkok: American International Group Inc to sell its Thai consumer finance businesses, including AIG Retail Bank and AIG Card, the head of the bank said on Monday.
AIG, once the world’s largest insurer, said on Friday it would focus on its main insurance operations and put the rest of its businesses up for sale to repay up to $85 billion borrowed from the U.S. government.
“The company is therefore exploring divestiture opportunities for its remaining high-quality businesses and assets, such as AIG Consumer Finance Group and its subsidiaries and affiliates, which include AIG Retail Bank Public Company Limited and AIG Card (Thailand) Co. Ltd.,” the bank said in a statement.
Charly Madan, AIG Retail Bank’s president and CEO, said: “Our unique product offering, professional staff and distribution network would offer prospective purchasers the ability to jump-start entry into the Thai retail banking market.”
AIG Consumer Finance Group, AIG Retail Bank’s parent, had recently provided additional funding of 14 billion baht ($410 million) for the bank, he said.
AIG officials in Thailand were holding a news conference on Monday.
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First Published: Mon, Oct 06 2008. 09 50 AM IST