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China Construction Bank to buy AIG unit for 70 mln U.S. dlrs

BEIJING, Aug 12, 2009 (Xinhua via COMTEX) --

Companies: American International Group, Inc. (AIG), China Construction Bank (CICHF)

China Construction Bank Corp., the second largest in China, declared Wednesday it would buy a unit of American International Group Inc. for 70 million U.S. dollars or 543 million HK dollars.

China Construction Bank (Asia) will buy 100 percent of AIG Finance (Hong Kong) Ltd.. This is China Construction Bank's first overseas acquisition in three years.

China Construction Bank (Asia) is the wholly owned banking unit acquired from Bank of America Corp. in 2006.

AIG Finance is one of the largest credit card issuers in Hong Kong.

After the purchase of AIG Finance, China Construction Bank (Asia) would have nearly 200 billion HK dollars of business fixed assets in Hong Kong and Macao and about 2,000 staff, according to China Construction Bank.

Copyright (C) 2009 Xinhua Economic News. All rights reserved

News Provided by COMTEX

Companies: American International Group, Inc. (AIG), China Construction Bank (CICHF)


Related terms: acquisition, asia, bank, banking, business, china, construction, credit card, finance, hong kong, macao

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