AIG, in exchange, would receive a 30% equity interest in SCB

American International Group (AIG), a US-based provider of property-casualty and life insurance, has inked an agreement under which it will combine its consumer finance business in Poland with Santander’s Polish Consumer Finance Business.

In exchange, AIG will receive a 30% equity interest in SCB. At closing, all of the AIG inter-company debt facilities related to these entities will be repaid, and the company will not be responsible for the future funding of the combined consumer finance businesses.

The transaction is subject to the satisfaction of certain conditions, including approvals by the Polish Financial Supervision Commission and clearance by competition authorities.

Deutsche Bank AG acted as financial advisor and Dewey & LeBoeuf served as legal counsel to AIG on this transaction.