American International Group (AIG), the insurer bailed out by the US goverment, agreed to sell a bank unit catering to wealthy clients in West Asia and the continent at large to Abu Dhabi-based Aabar Investments PJSC for 307 million Swiss francs ($254 million).
The payment for AIG Private Bank is subject to adjustments based on asset values when the deal closes, Aabar said today in a statement to the Abu Dhabi bourse. Aabar, which is majority-owned by Abu Dhabi’s state-controlled International Petroleum Investment, will also assume loans of as much as 100 million Swiss francs. AIG is selling businesses including life and retirement services and a plane lessor to repay a government loan that saved it from bankruptcy in September.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app