AIG agrees to sell Hong Kong consumer finance unit to the China Construction Bank

American International Group Inc. today said it would sell its Hong Kong consumer finance unit to the China Construction Bank Asia Corp. Ltd.
NOV 23, 2009
American International Group Inc. today said it would sell its Hong Kong consumer finance unit to the China Construction Bank Asia Corp. Ltd. The bank, which is based in Hong Kong, bought AIG Finance (Hong Kong) Ltd. for $70 million in cash. The transaction is subject to regulatory approval. AIG Finance issues credit cards in Hong Kong and provides a spectrum of financial services and products. As of the end of June, the company had more than 500,000 customers and more than 1 billion in Hong Kong dollars ($129 million) in deposits. Deutsche Bank AG of Frankfurt, Germany, acted as New York-based AIG’s financial adviser in the transaction.

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