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Asset Management

07:44 PM
Leslie Kramer
Leslie Kramer
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AIG Agrees to Sell AIG Private Bank to AABAR Investments

AIG Private Bank will become an independent financial institution under Abu Dhabi-based investment company.

American International Group, (AIG) has agreed to sell AIG Private Bank Ltd., a wholly-owned subsidiary of AIG, to Aabar Investments PJSC, a global investment company based in Abu Dhabi. Under its new ownership, AIG Private Bank will become an independent financial institution, headquartered in Switzerland, along with branches and representative offices in Hong Kong, Shanghai, Singapore and Dubai. AIG Private Bank will conduct its business under a new name and will continue to focus on providing wealth management services to high net worth individuals in Switzerland, Western and Eastern Europe, Asia and the Middle East.

"We have looked very thoroughly at AIG Private Bank and are impressed by the professionalism and dedication of the management team and staff. This transaction represents a great opportunity to leverage AIG Private Bank's expertise in wealth management and to further develop it in our region. AIG Private Bank provides us with a platform with the potential for significant long-term growth and value creation," said H.E. Khadem Al Qubaisi, Chairman of Aabar and future designated Chairman of the bank, in a press release.

"We are proud and delighted that we have found a strong and internationally renowned investor such as Aabar to support the future development of our bank. This sends a clear message to our customers that we will continue to be a trustworthy, reliable and competent partner for them," noted Eduardo Leemann, CEO of AIG Private Bank, in the release. "It also offers us new opportunities to expand our operations, especially in the Middle East," he added. He and his senior management team will remain with the bank.

The transaction is subject to satisfaction of certain conditions, including approvals by appropriate regulatory authorities. Blackstone Advisory Services provided financial advice to AIG in connection with AIG's global restructuring program. UBS Investment Bank acted as financial advisor and Lenz & Staehelin served as legal counsel to AIG on this transaction.

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