aig-sells-businesses-to-china-construction-bank-and-mphasis

AIG sells businesses to China Construction Bank and MphasiS

American Insurance Group has sold business units in Hong Kong and India to China Construction Bank and MphasiS.

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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