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AIG To Sell Hong Kong Consumer Finance

The insurer agreed to sell AIG Finance (Hong Kong) to China Construction Bank Asia.

NEW YORK (

TheStreet

) --

American International Group

(AIG) - Get American International Group, Inc. Report

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.

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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

energy and infrastructure investment assets

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

.