AIG Sheds Mexico Units

AIG has agreed to sell its consumer finance operations in Mexico to Desarrollo de Negocios Integrados and Inversiones (DNI) for an undisclosed amount. The units being sold are Sofom AIG Universal and Marketcenter Services. UBS advised AIG on the sales while Kramer Levin Naftalis & Frankel served as legal counsel to the insurer. Separately, on June 3, AIG agreed to sell 100% of its shares in its consumer finance operations in Argentina to Banco de Galicia y Buenos Aires and an investment group arranged by private equity firm Pegasus for $44m in cash. The fallen insurance giant has also sold its 48% stake in a Brazilian joint venture AIG Unibanco to Itau Unibanco for BRL820m.