American International Group Inc. said Thursday that it has completed the sale of AIG Private Bank Ltd. to a subsidiary of Aabar Investments PJSC, an Abu Dhabi investment company.
Aabar paid AIG about $253 million for the private bank and assumed about $55 million of outstanding intra-company loans.
Edward Liddy, AIG's president and chief executive officer, said in a press release that this is the fourth transaction it has closed in the past three weeks and one of 10 asset sale agreements it has reached in the past few months. "Several other transactions are under discussion, and we continue to evaluate how best to assure the continued strength and success of all of AIG's businesses," he said.
