American International Group (AIG) has signed an agreement to completely sell its stake in consumer finance operations in Argentina. The operations comprising Compañía Financiera Argentina S.A. (CFA), Cobranzas y Servicios S.A. and AIG Universal Processing Center S.A., will be sold to Banco de Galicia y Buenos Aires S.A. and an investment group arranged by Grupo Pegasus.
The transaction is subject to the acceptance of certain conditions, including approvals by the Argentine Central Bank and the Argentine National Commission for the Defense of Competition. Kramer Levin Naftalis & Frankel acted as legal counsel and UBS Investment Bank served as financial advisor to AIG for this transaction.
AIG is involved in insurance and financial services with operations in over 130 nations and jurisdictions. AIG companies provide life and property-casualty insurance, financial services, retirement services and asset management.