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Bank Of Montreal To Buy Canadian AIG Unit

Law360 (January 13, 2009, 12:00 AM EST) -- A Bank of Montreal unit has agreed to buy American International Group Inc.'s Canadian subsidiary AIG Life of Canada for $308 million in cash.

BMO Financial Group and AIG expect to close the deal by June 1, the companies announced Tuesday. After it has been acquired by BMO, the AIG unit will be called BMO Life Insurance Co.

The final price of the deal is subject to change, depending on any changes in AIG Life of Canada's book value since September, the companies said. The deal...
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