AIG Group Inc. to sell 2 companies to Bank of Ayudhya

American International Group Inc. is planning to sell two Bangkok, Thailand-based companies to Bank of Ayudhya a Public Co. Ltd. These companies are AIG Retail Bank Public Co. Ltd. and AIG Card (Thailand) Co. and the deal will be approx. for $58.7 million.

Under the terms of the deal, which is expected to be completed in April, BAY will acquire 99.5% of AIG Retail Bank’s shares and 100% of AIG Card (Thailand). In addition to the $58.7 million sale price, $477 million in inter-company loans will be repaid at closing, according to the companies.

AIG Retail Bank, which has 10 branches, has been operating as a retail bank in Thailand since 2007. AIG Card (Thailand), which was established in 2000, offers credit card loans and personal loan products to Thai consumers. BAY is Thailand’s fifth-largest commercial bank in terms of total assets.