American International Group Inc. announced an agreement yesterday to sell two Bangkok, Thailand units, AIG Retail Bank Public Company Ltd. and AIG Card Company Limited, for U.S. $58.7 million (2.055 billion Baht) to Thailand's Bank of Ayudhya Public Company Ltd. (BAY).
AIG said the transaction, subject to the approval of the Bank of Thailand and BAY's shareholders, is expected to be completed in April.
Under the terms of the agreement, BAY will acquire 99.5 percent of the shares of AIG Retail Bank and 100 percent of AIG Card (Thailand) for a total consideration of (subject to closing valuation adjustment).
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