Entries tagged "divesting"
AIG continues to liquidate its holding company, with plans to sell about two-thirds of its stake, or around 26 million shares, in reinsurer Transatlantic Holdings.
It looks like some of American International Group Inc.'s asset sales may have stalled due to the economic conditions and because potential buyers are having a hard time financing deals. In a speech in Hong Kong Thursday, AIG's CEO Edward Liddy said he was meeting with potential bidders in January, but that the pace and the order of the asset sales may vary and could take months or longer to complete. Liddy was addressing reports that said AIG would sell assets by the end of the year. ...
French mutual bank Crédit Mutuel-CIC has acquired Citigroup Inc.'s German arm, Citibank Deutschland, for $6.6 billion. Citigroup divested its German arm, which was started in 1926, as part of its restructuring after the bank suffered billions of dollars in losses during the subprime crisis. ...
American International Group Inc. will add its U.S. life and financial services businesses to the rest of the assets it's putting up for sale so it can pay back its $85 billion loan from the U.S. Federal Reserve. Originally, newly appointed CEO Edward Liddy hoped to retain AIG's life insurance business; however, the insurer will restructure to primarily be focused on property and casualty. ...
