African AIG Branches May Stay, Says Area Boss

Posted to the web 10 October 2008 Justus Ondari Nairobi Local subsidiaries of American International Group Inc. maintained a "business-as-usual" approach even as the parent company set in motion a restructuring process that will see it spinning off some of its operations. In the wake of the $85 billion (about Sh6.1 trillion) Federal Reserve Bank loan, AIG announced that it intends to concentrate on its core businesses and sell the rest. "To realise our objective, we will sell a number of extraordinary businesses that are proving to be highly attractive to buyers," AIG chairman and chief executive Edward Liddy said in a statement last week. The two-year loan gave the US Government a 79.9 per cent equity stake in the firm with assets topping $1 trillion. The US financial services giant, which has operations in 130 countries,... [read full story]