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Fortress funds complete acquisition of American General Finance

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Fortress managed funds have acquired 80 per cent of American General Finance, a provider of consumer credit, from AIG.

AIG retained a 20 per cent interest in the AGF business.

Founded in 1920, AGF provides loans, retail financing and other credit related products to more than a million families across the US, Puerto Rico, the Virgin Islands, and the UK.

AGF specialises in providing financing solutions for consumers across America, with products and services including bill consolidation loans, home equity loans, personal loans, home improvement loans, and loans to help consumers manage unexpected expenses.

At the closing of the transaction, AGF, which has assets of approximately USD20bn and liabilities of approximately USD18bn, including USD17bn of debt, was deconsolidated from AIG’s financial statements.

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