American International Group (AIG) and Fortress Investment Group (FIG) said that certain Fortress managed funds acquired 80% of American General Finance (AGF), a provider of consumer credit, from AIG. AIG retained a 20% interest in the AGF business.

Founded in 1920, AGF provides loans, retail financing and other credit related products to more than a million families across the US, Puerto Rico, the Virgin Islands, and the UK.

AGF specializes in providing financing solutions for consumers across America, with products and services including bill consolidation loans, home equity loans, personal loans, home improvement loans, and loans to help consumers manage unexpected expenses.

At the closing of the transaction, AGF, which has assets of approximately $20bn and liabilities of approximately $18bn, including $17bn of debt, was deconsolidated from AIG’s financial statements.