AIG sells the division to the Arabian company
Insurance company American International Group Inc. (AIG) has come to agreement with company Aabar Investments PJSC, which headquarters is located in the United Arab Emirates, upon sale of affiliated division AIG Private Bank Ltd.
Under the Aabar Investments’ management of AIG Private Bank will become independent financial company, its main office will be located in Switzerland, and branches will be located in Hong Kong, Shanghai, Singapore and Dubai. AIG Private Bank will carry out the activity (mainly services in management of the finance of physical persons) under the new name in such regions, as Western and the Eastern Europe, Asia and the Near East.
AIG Group, which cost of shares has fallen approximately on 98 percents, is one of world leaders in sphere of insurance and financial services and the largest insurer of the USA. Its divisions are located in 130 countries of the world. AIG’s shares are registered at stock exchanges in New York, Tokyo and Dublin. In September AIG appeared on the verge of bankruptcy, and the state assistance in exchange for a controlling interest has been offered to it, and in the middle of November the volume of assistance has been increased almost up to 150 billion dollars.