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Business Briefing / Insurance

AIG to sell units in Philippines

January 24, 2009|Times Wire Reports

American International Group Inc., the insurer peddling units to repay a U.S. government loan, agreed to sell its Philippine retail bank and auto-lending unit to East West Banking Corp.

The deal is expected to be completed in the second quarter, the companies said. New York-based AIG will get $48.5 million, according to a person familiar with the situation who declined to be identified because terms weren't released.

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