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Article: AIG To Sell Its Russian Bank Subsidiary to Banque PSA Finance.(Company overview)
- Article from:
- Business Wire
- Article date:
- June 29, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- American International Group, Inc. (AIG) today announced that it has entered into an agreement to sell 98 percent of the shares in its consumer finance operations in Russia, consisting of OOO AIG Bank (RUS), with an option, not exercisable until mid-March 2011, for the sale of the remaining two percent, to Banque PSA Finance SA (a 100 percent- owned subsidiary of PSA Peugeot Citro[R]n Group). The transaction is subject to the satisfaction of certain conditions, including approval by the Central Bank of Russia.
OOO AIG Bank (RUS) was established in June 2008 and currently employs a dozen employees. Terms of the transaction were not disclosed.
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