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Article: AIG Sells Swiss Private Bank To Abu Dhabi Group.
- Article from:
- APS Review Gas Market Trends
- Article date:
- December 8, 2008
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AIG has sold its Swiss-based private bank to Aabar Investments PJSC of Abu Dhabi, marking its first significant disposal since it was taken over by the US government in a massive bail-out. Aabar Investments, a quoted group linked to the Abu Dhabi government, paid SFr307m ($254m) for the private bank, and would assume outstanding loans of up to SFr100m.
AIG Private Bank, which had assets under management of SFr21bn at the end of last year, is the first financial sector investment made by Aabar, which is primarily an oil and gas investment company. (An announcement had been expected 10 days earlier but the closing of the deal was delayed by legal complications in ...