AIG Sheds Russian Bank Unit In Deal With Peugeot

Law360, New York (June 29, 2009, 12:00 AM EDT) -- American International Group Inc. has agreed to sell a 98 percent stake in its Russian consumer finance business to a unit of French automaker Peugeot SA, continuing its pledge to repay $180 billion in bailout funds from the U.S. government.

Pending approval by the Central Bank of Russia, AIG will sell its shares in OOO AIG Bank, with an option not exercisable until mid-March 2011 for the sale of the remaining 2 percent, to Peugeot's Banque PSA Finance SA, the insurance giant said Monday.

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