A unit of New York-based American International Group Inc. will purchase Inversora Pichincha S.A., the third largest consumer finance company in Colombia, AIG said yesterday without disclosing terms.

The insurance giant said AIG Consumer Finance Group Inc. is purchasing the company from Ecuador-based Banco Pichincha C.A. and other minority shareholders.

AIG said Inversora Pichincha provides consumer auto loans, commercial vehicle loans and unsecured consumer credit through direct and indirect distribution channels, including auto dealerships, affiliated businesses and government agencies. It has 17 branches in the four largest cities in Colombia.

Richard Pfeiffer, AIGCFG chief executive officer, said, “Inversora Pichincha's broad distribution and leadership position in Colombia presents a singular opportunity to expand the AIG Consumer Finance Group's product mix in Latin America while diversifying geographically.

“This acquisition strengthens the Consumer Finance footprint in Latin America and provides distribution potential for additional AIGCFG products and services in the region.”

Hamilton C. Da Silva, AIG vice president and Latin America Region CEO, said, “This acquisition shows AIG's strong commitment to expand its businesses in the Latin America region, and in particular Colombia, which is a country with excellent growth opportunities.”

AIG Consumer Finance Group Inc. provides consumer finance products and services, including credit cards, auto loans, consumer loans and sales finance in Asia, Europe and Latin America.

Special Reports /

AIG Credit Unit Buys Firm In Colombia

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