AIG selling credit card business in Taiwan

* Buyer is Far Eastern International Bank

* AIG is selling assets to repay government bailout

* Deal expected to close in the third quarter

NEW YORK, June 30 - American International Group Inc <AIG.N> on Tuesday said it agreed to sell its credit card business in Taiwan to Far Eastern International Bank.

The terms of the deal were not disclosed. The transaction, subject to the approval of financial regulators, is expected to be completed in the third quarter.

Once the world's largest insurer by market value, AIG nearly collapsed last year because of losses from credit default swaps, a bet on the creditworthiness of a debt issuer.

AIG is selling assets to repay the government after a bailout totaling about $180 billion. Last week, AIG set plans to spin off two life insurance businesses as part of a plan to repay $25 billion of debt to the government.

ABN AMRO Bank N.V. acted as financial adviser to AIG.

• Email Story
• IM Story
• Printable View
• Blog This

Related Articles: Business

• Indonesia cuts key rate by 25 basis pointsAFP - Friday, July 3
• RPT-S&P affirms Philippines ratings; warns on govt revenueReuters - Friday, July 3
• TEPCO seeks local govts' OK on nuclear unit restartReuters - Friday, July 3
• Seoul shares turn higher led by techs, pharmasReuters - Friday, July 3
• Nikkei sags, retailers battered by Seven & IReuters - Friday, July 3