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.

Latest News

SEC fines Zoe Financial $450K over undisclosed referral conflict
SEC fines Zoe Financial $450K over undisclosed referral conflict

Salespeople at the firm often went beyond the matching algorithm to recommend network advisors on its Zoe Wealth platform, according to the regulator.

Senate vote on NIL bill could reshape college athletes' paydays
Senate vote on NIL bill could reshape college athletes' paydays

The Protect College Sports Act would cap school payments and codify NIL rights, with implications for advisors guiding young athletes.

'I'm done': Pandemic memories push business owners toward the exit
'I'm done': Pandemic memories push business owners toward the exit

"I know the number that I want to be able to retire on, and now I just want out," says Wilmington Trust's Marguerite Weese, describing a common refrain among business-owner clients.

Northern Trust bulks up family office team with New York hires
Northern Trust bulks up family office team with New York hires

Bessemer and Brown Brothers Harriman veteran Robert Ludricks III and private markets specialist Olof Akesson join the ultra-high-net-worth push on the East Coast.

SEC accuses trucking operator of running $127 million Ponzi scheme
SEC accuses trucking operator of running $127 million Ponzi scheme

765 investors were promised 260% annual returns on truck leases

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains