AIG sells bank and credit card business in Thailand

American International Group (AIG) has announced that it has completed the asset sale of a retail bank and credit card operations in Thailand.

The two ventures, AIG Retail Bank Public Company Limited and AIG Card (Thailand) Company Limited, were sold in Thailand to Bank of Ayudhya Public Company Limited with proceeds of around $45m in addition to the repayment of $495m of intra-group indebtedness.

AIG has sold off a number of assets recently, with this being the third in the last week. On 2 April BMO Financial Group acquired AIG Life of Canada for $263m and Munich Re Group spent $739m purchasing Hartford Steam Boiler. Chairman and chief executive officer Edward Liddy has stated that the firm is continuing its drive to dispose of assets effectively in order to repay the US Government.

Ten businesses have been sold to date, with more at the discussion stage.