AIG in Agreement to Sell Its Consumer Finance Operations in Colombia

Wed. July 01, 2009; Posted: 04:08 PM

NEW YORK, Jul 01, 2009 (BUSINESS WIRE) -- AIG | Quote | Chart | News | PowerRating -- American International Group, Inc. (AIG) today announced that it has agreed to sell 100 percent of its ownership interests in Inversora Pichincha S.A. and Interdinco S.A., which comprise AIG's consumer finance operations in Colombia, to Banco Pichincha C.A. of Ecuador and other parties. Terms of the transaction were not disclosed. The transaction is subject to the satisfaction of certain conditions, including approval by the Ecuador Superintendency of Finance (Superintendencia de Bancos y Seguros de la Republica del Ecuador) and the Colombia Superintendency of Finance (Superintendencia Financiera de Colombia).

Inversora Pichincha S.A. is a leading provider of consumer finance products in Colombia, offering vehicle financing, personal loans, student loans, insurance premium financing, commercial loans, credit cards and retail deposits. Inversora Pichincha S.A. has approximately 140,000 customers, 19 branches located in the main urban centers of Colombia, and a distribution model that includes agreements with more than 100 auto dealerships, 274 state entities and 1,500 companies.

UBS Investment Bank acted as financial advisor and Kramer Levin Naftalis & Frankel served as legal counsel to AIG on this transaction.

American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.

SOURCE: American International Group, Inc. (AIG)

American International Group, Inc. (AIG) 
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Dave Monfried, 212-770-7205 
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For full details on American Internat Group (AIG) click here. American Internat Group (AIG) has Short Term PowerRatings of 5. Details on American Internat Group (AIG) Short Term PowerRatings is available at This Link.

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