WASHINGTON - American International Group cleared one regulatory hurdle Wednesday to its $23 billion bid to acquire American General Corp.
The Office of Thrift Supervision gave the New York insurance giant, which owns the thrift AIG Bank, approval to take control of Houston-based American General and its federal savings bank, American General Bank of Midvale, Utah.
AIG refused to say what regulatory approvals it still needs, though sources said the New York Banking Department and the Arizona Department of Insurance must weigh in. The OTS approval is contingent on AIG Bank's providing by October a business plan that in part will explain how the Wilmington, Del., thrift will meet the lending, investment, and service requirements under the Community Reinvestment Act.
