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January 23, 2009
AIG sheds some Philippine assets for $42m



January 24, 2009

Philippines: Filinvest to buy three local AIG units

Philippines real estate group Filinvest Development Corp is buying the local thrift bank and two other units of troubled US giant AIG, AFP quoted the acquirer as saying Friday.

Filinvest's East West Bank is acquiring AIG PhilAm Savings Bank as well as PhilAm Auto Finance and Leasing and PFL Holdings, Filinvest said in a statement.

The price was not disclosed, but Dow Jones Newswires quoted unnamed sources as saying East West will pay a 25 percent premium over the companies' combined book value of 1.6 billion (33.8 million dollars).

The three acquired companies are units of Philippine American Life and General Insurance Co., also known as Philamlife and AIG Consumer Finance Group Inc.

Filinvest said the deal would boost East West Bank's assets to 63 billion pesos and make it the sixth largest credit card issuer in the Philippines. American International Group (AIG) has said it plans to sell Philamlife's other assets, including its flagship insurance business, to repay a multi-billion-dollar rescue loan from the US government.

The Philamlife group had total assets of about 170 billion pesos when the planned sale was announced last year.

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