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AIG sells Taiwan credit card company division

 

Wednesday, Jul 01,2009, 7:42:36 PM   Click:

NEW YORK_Embattled insurer American International Group Inc. said Tuesday it is selling the assets of a Taiwan-based subsidiary, AIG Credit Card Company (Taiwan) Ltd., to Far Eastern International Bank.

Terms of the deal were not disclosed. It is expected to close in the third quarter.

New York-based AIG is in the process of restructuring its business, shedding assets and cutting costs, after it received a loan bailout package worth up to $182.5 billion from the U.S. government. As part of the loan package, the U.S. government has taken a roughly 80 percent stake in the huge insurance company.

The government rescued AIG from the brink of collapse last fall as the credit crisis worsened.

The sale of the credit card company brings to 17 the total number of asset sales AIG has announced since last fall.

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