(Update adds stock movement, adds information relating to AIG's debt-reduction deal, announced Thursday.)American International Group (AIG) - Get American International Group, Inc. Report is throwing in its sombrero.
The flailing insurer announced on Wednesday that it will sell its consumer finance operations in Mexico-- AIG Universal and Markcenter Services -- to Desarrollo de Negocios Integrados and Inversiones DNI. The terms of the deal were not disclosed.
AIG Universal has a network of 50 branches serving about 50,000 clients with personal loans and third-party insurance.
The Mexican division is just one of the many assets AIG is shedding in its attempt to pay back the massive $180 billion government bailout. Recently, AIG sold off a majority of its stake in
, plans to shutter its
, and sell its
consumer-finance operations in Argentina
In total the insurer has eliminated about 17 assets resulting in more than $6 billion.
Other subsidiaries up for grabs include
and International Lease Finance, its aircraft leasing arm.
On Thursday, AIG announced that it had
. That transaction will help slash AIG's debt owed under a Fed credit facility by $25 billion. AIG has a current $40 billion balance under the facility.
Shares in the company were flat Thursday morning, trading at $1.43.
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