AIG sells consumer credit affiliate

Ailing US insurance giant AIG announced on August 11 the sale of 80 percent of its stake in consumer credit provider American General Finance to Fortress Investment Group, a hedge fund manager. No details were provided on the terms of the deal, which will leave AIG in control of the remaining 20 percent as it struggles to pay back a massive taxpayer buyout.
AGF has assets of approximately 20 billion dollars and liabilities of approximately 18 billion dollars, including 17 billion dollars of debt. The firm provides loans, retail financing and other credit related products in the United States, Puerto Rico, the Virgin Islands, and Britain.
AIG, once the world's largest insurer, has been selling assets since its rescue from collapse by the government during the 2008 financial crisis. It is today nearly 80 percent owned by the state.