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Article: AIG to Combine Its Consumer Finance Operations in Poland with Santander's Polish Consumer Finance Business.
- Article from:
- Investment Weekly News
- Article date:
- August 15, 2009
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American International Group, Inc. (AIG) announced that it has entered into an agreement under which it will combine its consumer finance business in Poland, conducted through AIG Bank Polska S.A., into the Polish consumer finance business of Santander Consumer Finance S.A., which is conducted through Santander Consumer Bank, S.A. (SCB). In exchange, AIG will receive a 30% equity interest in SCB. At closing, all of the AIG intercompany debt facilities related to these entities will be repaid, and AIG will not be responsible for the future funding of the combined consumer finance businesses. Terms of the transaction were not disclosed.
The transaction is subject ...