AIG To Sell Its Argentina-Based Consumer Finance Operations
By admin - Posted on June 3rd, 2009
Tagged: AIG
• American International Group
• Argentina
• Business
• Finance
• Insurance
• Latin America
• World
NEW YORK--Jun. 2, 2009-- American International Group, Inc. (AIG) today announced that it has entered into an agreement to sell 100 percent of its shares in its consumer finance operations in Argentina, consisting of Compañía Financiera Argentina S.A. (CFA), Cobranzas y Servicios S.A. and AIG Universal Processing Center S.A., to Banco de Galicia y Buenos Aires S.A. and an investment group arranged by Grupo Pegasus. Financial terms of the transaction were not disclosed.
The transaction is subject to the satisfaction of certain conditions, including approvals by the Argentine Central Bank and the Argentine National Commission for the Defense of Competition.
CFA is a provider of personal loans in Argentina, with 93 branches nationwide, distribution agreements with approximately 3,900 retailers and approximately one million customers.
UBS Investment Bank acted as financial advisor and Kramer Levin Naftalis & Frankel served as legal counsel to AIG on this transaction.
Source: American International Group, Inc.
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