AIG sells majority of Russian bank

American International Group Inc. today sold most of its ownership in its Russian consumer bank subsidiary.

American International Group Inc. today sold most of its ownership in its Russian consumer bank subsidiary.
The New York-based carrier said that it has agreed to sell 98% of its shares in OOO AIG Bank to Banque PSA Finance SA, a subsidiary of PSA Peugeot Citroen.
Both Banque PSA, which finances the sale of Peugeot and Citroen cars, and its parent are based in Paris.
AIG established its Moscow-based consumer finance unit last June. The bank has 12 employees.
As part of the deal, the French firm also has the option to buy the remaining 2%, though this won’t be exercisable until mid-March 2011.
Terms of the transaction were not disclosed.
June has been a busy month for AIG as the insurer sells its units so it can repay the federal government.
This month alone, the carrier made a deal to sell two buildings in New York, including its headquarters at 70 Pine Street, and it sold its interests in American International Assurance Co. Ltd. in Kuala Lumpur, Malaysia, and American Life Insurance Co. in Wilmington, Del., to the Federal Reserve Bank of New York.