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AIG Closes Thailand Asset Sale

Source: AIG

Posted on 09 Apr 2009

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American International Group (AIG) on Wednesday announced that it has closed the sale of AIG's retail bank, AIG Retail Bank Public Company Limited, and credit card operation, AIG Card (Thailand) Company Limited, in Thailand to Bank of Ayudhya Public Company Limited. The proceeds from that transaction were approximately $45 million, plus the repayment of intra-group indebtedness of approximately $495 million.

This marks the third sale closed in the past week. On April 2, AIG announced it had closed the sale of AIG Life of Canada to BMO Financial Group for approximately $263 million and the sale of Hartford Steam Boiler to the Munich Re Group for $739 million, plus the assumption of $76 million of outstanding HSB capital securities.

"We continue to execute on our plan for orderly and effective asset disposition to repay the U. S. government," said Edward Liddy, AIG's Chairman and Chief Executive Officer. "Despite the most challenging market environment in memory, we have reached agreements on the sale of 10 businesses, with others under discussion. We continue to evaluate how best to assure the continued strength and success of all of AIG's businesses for the benefit of all AIG stakeholders."