NEW YORK (
American International Group
said Wednesday it agreed to sell its Hong Kong consumer finance operations to
China Construction Bank Asia
for $70 million cash, plus the repayment of debt and deposits of about $557 million.
AIG Finance (Hong Kong), a leading credit card issuer in Hong Kong, had more than 500,000 customers as of June 30, with total net loan receivables of HK$4.8 billion and a retail deposits balance of HK$1 billion, AIG said in a statement.
The deal is subject to approval from regulatory authorities.
On Tuesday, AIG's financial products unit sold its
for $1.9 billion.
The insurer, which has received about $180 billion from the U.S. government, is trying to sell assets to pay back government loans.
-- Reported by Joseph Woelfel in New York