AIG To Sell Its Russian Bank Subsidiary to Banque PSA Finance
American International Group, Inc. (AIG) today announced that it has entered into an agreement to sell 98 percent of the shares in its consumer finance operations in Russia, consisting of OOO AIG Bank (RUS), with an option, not exercisable until mid-March 2011, for the sale of the remaining two percent, to Banque PSA Finance SA (a 100 percent- owned subsidiary of PSA Peugeot Citroën Group). The transaction is subject to the satisfaction of certain conditions, including approval by the Central Bank of Russia.
OOO AIG Bank (RUS) was established in June 2008 and currently employs a dozen employees. Terms of the transaction were not disclosed.
Deutsche Bank acted as financial advisor and Debevoise & Plimpton served as legal counsel to AIG on this transaction. CMS in Russia served as legal counsel to Banque PSA Finance.
American International Group, Inc. (AIG), a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG's common stock is listed on the New York Stock Exchange, as well as the stock exchanges in Ireland and Tokyo.
Wholly-owned by Peugeot S.A., Banque PSA Finance provides financing for sales of Peugeot and Citroën cars and light commercial vehicles in 24 countries. It supports the brands' growth by offering retail and fleet customers a diversified range of financing solutions and related services, and by providing Peugeot and Citroën dealers with financing for new and used vehicles and replacement parts inventories.
Peter Tulupman (News Media)
Teri Watson (Investor Community)