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AIG Unloads Wealth Management Business
American International Group(AIG Quote) just announced a deal to sell its wealth management arm AIG Private Bank Ltd. to Aabar Investments PJSC of Abu Dhabi. Terms of the deal were not disclosed.
The AIG Private Bank will conduct business under a new name, and its headquarters will be in Switzerland. AIG says that the bank's senior management is expected to remain with the bank. The sale comes as part of the company's promise to sell off a number of business units to pay off a $85 billion government loan. ...
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