Troubled insurance giant American International Group will be selling its Swiss arm AIG Private Bank to an Abu Dhabi-based global investment firm.
In this regard, AIG has entered into an agreement with Aabar Investments PJSC (Aabar) to sell its subsidiary, the insurance firm said in a statement.
According to UK daily ‘The Telegraph’, the Swiss subsidiary would be sold for about $254 million.
The move is one of the major sale of asset by the battered AIG, after receiving a lifeline worth $153 billion from the Federal government.
The statement noted that under the new ownership, AIG Private Bank would become an independent financial institution, headquartered in Switzerland along with branches and representative offices in Hong Kong, Shanghai, Singapore and Dubai.
Source: Agencies
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