AIG completes sale of retail bank operations

American International Group Inc. said Wednesday that it completed the sale of its retail bank and credit card operations in Thailand for about $45 million in proceeds.
APR 08, 2009
American International Group Inc. said Wednesday that it completed the sale of its retail bank and credit card operations in Thailand for about $45 million in proceeds. The move is part of the insurance company's plan to sell assets so it can pay back the U.S. government. AIG, which has received $182.5 billion in bailout funds, came under fire recently for paying out executive bonuses. The sale of AIG Retail Bank Public Co. and AIG Card (Thailand) Co. to Bank of Ayudhya Public Co. includes an approximately $495 million debt repayment. The transaction is AIG's third sale of the week, with the others being a $263 million deal for AIG Life of Canada and the $739 million sale of Hartford Steam Boiler. Shares of AIG added 4 cents, or 3.8 percent, to $1.09 in afternoon trading. Over the past year, the stock has traded in a range of 33 cents to $49.50.

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