Posted on 25 Jun 2009
American International Group, Inc. (AIG) announced on Wednesday that it has entered into an agreement to sell 100 percent of its shares in its consumer finance operations in Mexico, consisting of AIG Universal, S.A. de C.V. SOFOM E.N.R. and Markcenter Services, S. de R.L. de C.V, to Desarrollo de Negocios Integrados, S.A. de C.V. and Inversiones DNI, S.A. de C.V., companies related to Afirme Grupo Financiero and Consorcio Villacero. The transaction is subject to the satisfaction of certain conditions, including approval by the Mexican Federal Competition Commission.
Terms of the transaction were not disclosed.
Launched in 2005, AIG Universal has a network of 50 branches serving approximately 50,000 clients in twelve states in the central and northern regions of Mexico, and offers its clients personal loans and third party insurance.
UBS Investment Bank acted as financial advisor and Kramer Levin Naftalis & Frankel served as legal counsel to AIG on this transaction.