The Pendleton Panther

AIG sell their business in Asia

Posted on: March 1, 2010

 

Logo of the company

One of the companies that has suffered more from the international financial crisis, American International Group (AIG), seems to be recovering their good status. They were the first to be financially rescued by the US government, and now they just sold all they had in Asia for $35,000 million to the British insurance company Prudential. This money will allow AIG to get rid of the debt they had with the federal Reserve of New York, and with AIA, which is how the company is known as in Asia. “This transaction is the most significant achievement to date in the efforts of AIG of returning the money to contributors”, Ben Benmosche, adviser and delegate of the company said. “It also gives us flexibility to advance in the restructuring and allows us to focus in reinforce the value of our business.” The operation had a strong effect on the company’s stock already, which this morning was 6.98% up.

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