AIG COMPLETES ASSET SALE OF RETAIL BANK AND CREDIT CARD OPERATION IN THAILAND
NEW YORK, Apr 08, 2009 -- American International Group (AIG) today announced that it has closed
the sale of AIG's retail bank, AIG Retail Bank Public Company Limited,
and credit card operation, AIG Card (Thailand) Company Limited, in
Thailand to Bank of Ayudhya Public Company Limited. The proceeds from
that transaction were approximately $45 million, plus the repayment of
intra-group indebtedness of approximately $495 million.
This marks the third sale closed in the past week. On April 2, AIG
announced it had closed the sale of AIG Life of Canada to BMO Financial
Group for approximately $263 million and the sale of Hartford Steam
Boiler to the Munich Re Group for $739 million, plus the assumption of
$76 million of outstanding HSB capital securities.
"We continue to execute on our plan for orderly and effective asset
disposition to repay the U. S. 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."
American International Group, Inc. (AIG), a world leader in insurance
and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's common
stock is listed on the New York Stock Exchange, as well as the stock
exchanges in Ireland and Tokyo.
Mark Herr, 212-770-3505
Teri Watson, 212-770-7074