AIG announced that it has agreed to sell 100 percent of its ownership interests in Inversora Pichincha S.A. and Interdinco S.A., which comprise AIG’s consumer finance operations in Colombia, to Banco Pichincha C.A. of Ecuador and other parties.
Terms of the transaction were not disclosed. The transaction is subject to the satisfaction of certain conditions, including approval by the Ecuador Superintendency of Finance (Superintendencia de Bancos y Seguros de la República del Ecuador) and the Colombia Superintendency of Finance (Superintendencia Financiera de Colombia).
Inversora Pichincha S.A. is a leading provider of consumer finance products in Colombia, offering vehicle financing, personal loans, student loans, insurance premium financing, commercial loans, credit cards and retail deposits. Inversora Pichincha S.A. has approximately 140,000 customers, 19 branches located in the main urban centers of Colombia, and a distribution model that includes agreements with more than 100 auto dealerships, 274 state entities and 1,500 companies.
UBS Investment Bank acted as financial advisor and Kramer Levin Naftalis & Frankel served as legal counsel to AIG on this transaction.