AIG clinches deal to sell consumer finance unitNews added by ProWEB Media on August 11, 2010
Gary Linnell

ProWEB Media

Joined: December 27, 2005

AIG has clinched a deal to sell the majority of its consumer unit to investment manager Fortress.

According to the deal, Fortress will take over 80 percent of American General Finance, while AIG will retain the remainder.

The move will allow AIG to raise funds, as it seeks to pay off its bailout debt.

According to AIG CEO Robert Benmosche, "This transaction marks another important step in our ongoing restructuring process as we seek to monetize non-core assets and pay back U.S. taxpayers. In Fortress, we have found an excellent partner for this terrific franchise. We believe in AGF's solid business model, which is why we are retaining a 20 percent stake in the business as part of this transaction."
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