Beleaguered insurance firm American Insurance Group announced this week the sale of a Hong Kong business to China Construction Bank and an India business to MphasiS, as well as a further unwinding of AIG Financial Products.
China Construction Bank will buy the Hong Kong-based consumer finance business of AIG, AIG Finance, for $70 million in cash, plus the repayment of intra-group indebtedness and deposits of approximately $557 million.
AIG Finance has a credit card business as well as a restricted-licence bank in Hong Kong. As of June 30, AIG Finance had more than 500,000 customers, total net loan receivables of HK$4.8 billion $619 million and HK$1 billion...
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