"We believe in AGF's solid business model, which is why we are retaining a 20 percent stake in the business as part of this transaction," said Robert H. Benmosche, AIG president and CEO.
American General Finance provides loans, retail financing and other credit-related products to consumers in the U.S., Puerto Rico, the Virgin Islands, and the U.K. The company has assets of about $20 billion and liabilities of roughly $18 billion, including $17 billion in debt, which will be removed from AIG's balance sheet.