Insurer AIG sells wealth management arm for $253M
American International Group Inc. said it completed the sale of its wealth management arm, AIG Private Bank Ltd., to Aabar Investments PJSC of Abu Dhabi.
American International Group Inc. said it has completed the sale of its wealth management arm, AIG Private Bank Ltd., to Aabar Investments PJSC of Abu Dhabi. The deal was announced in December.
Under terms of the agreement, the United Arab Emirates-based investment company paid about $253 million, and assumed about $55 million of intra-company loans outstanding to AIG Private Bank.
The sale is part of the New York-based insurance giant’s restructuring plans. It is the fourth transaction AIG has closed in the past three weeks and one of 10 asset sale agreements it has reached in the past few months.
AIG has received $182.5 billion in financial support from the government since September. The company is selling off a number of business units to repay part of the loan.
Shares of AIG rose 10 cents, or 6.3 percent, to $1.70 in premarket trading Thursday.
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