Changes galore as AIG brand fades

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29 June 2009

AIG continues to evolve into something less indebted to the US Government.

In Australia, the AIG Life name has been changed to AIA Australia Limited, in line with group rebranding across Asia, in preparation for a sell-off.

AIA also figures in a debt-for-equity swap deal with the US Federal Reserve that will see the Fed get $US16 billion ($19.8 billion) in preferred equity in AIA and $US9 billion ($11.1 billion) of preferred shares in American Life Assurance Company.

Robert Schimek will take on the role as the company’s first global CFO for the property/casualty division AIU Holdings, in preparation for the sale of a 20% stake.

Alain Karaoglan has been appointed to head the AIG Divestiture Office team, as Senior Vice President, Divestiture. He will be responsible for bringing to market assets for sale and managing the resulting complex transactions around the world.

In Mexico, firms related to Afirme Grupo Financiero and Consorcio Villacero have bought consumer finance company AIG Universal and Markcenter Services for an undisclosed sum.

Wealth management company Chinatrust Financial Holding Co is reported to be considering a bid for the life insurance division Nan Shan Life in Taiwan.