American International Group Inc. said it has acquired an 18 percent interest in MicroCred Nanchong, China (MNC) and the exclusive right to sell micro insurance to MNC clients for two years.

MNC is the first wholly foreign-owned micro credit company in China, the company said. It added that in addition to AIG, MNC is jointly owned by the International Finance Corporation, KfW Bankengruppe and MicroCred S.A.

AIG Micro Financial Services will spearhead AIG's involvement with MNC.

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