AIG offloads banking subsidiary

AIG, the beleaguered US insurance giant, has announced the sale of its Swiss subsidiary AIG Private Bank to Aabar Investments, the United Arab Emirates investment company, for a provisional SFr307 million ($254 million).

The final size of the acquisition may be altered depending on the bank's net asset value and assets under management when the deal is due to close. The Abu Dhabi-based investor has also agreed to assume certain outstanding loans of up to SFr100 million.

Aabar intends to maintain t

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