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AIG to sell consumer finance operations in Hong Kong

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American International Group has entered into an agreement to sell 100 per cent of its shares of AIG Finance (Hong Kong) to China Construction Bank Asia for USD70m in cash, plus the rep

American International Group has entered into an agreement to sell 100 per cent of its shares of AIG Finance (Hong Kong) to China Construction Bank Asia for USD70m in cash, plus the repayment of intra-group indebtedness and deposits of approximately USD557m.

The transaction is subject to the satisfaction of certain conditions, including approvals by appropriate regulatory authorities.

AIG Finance is an issuer of credit cards in Hong Kong, operating as a restricted license bank that offers a variety of financial products and services. As of 30 June 2009, AIG Finance had more than 500,000 customers, total net loan receivables of HKD4.8bn and a retail deposits balance of HKD1bn.

Deutsche Bank acted as financial adviser to AIG on this transaction.

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