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Business Briefing / Financial Crisis

AIG to sell unit to Chinese firm

September 08, 2009|Times Wire Reports

American International Group Inc. agreed to sell its external fund management business to Hong Kong billionaire Richard Li's Pacific Century Group for about $500 million.

The deal would lift to $9.8 billion the amount AIG will have raised through announced divestitures since its $182.5-billion government rescue 12 months ago.

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