In the past two days, AIG has announced the sale of its Hong Kong Financial branch and the sale of additional energy and infrastructure investment assets. These sales represent the latest of several asset divestments, and the continuation of AIG’s ongoing restructuring efforts.
Yesterday, AIG announced that it had entered into an agreement to sell AIG Finance (Hong Kong) Limited to China Construction Bank Asia for $70 million in cash, plus the repayment of intra group debts of $557 million.
Today, AIG announced that a subsidiary, AIG Financial Products Corp. (AIGFP), had completed the sale of its energy and infrastructure investment assets, resulting in net proceeds greater than $1.9 billion. This sale represents a significant step toward the winding down of AIGFP, according to the AIG, and follows the recent closing of three other significant investments.