In a joint statement, The New York-based insurer said that it will sell 80 percent interest in AGF to Fortress Investment Group, LLC, and retain a 20 percent interest. Financial terms of the transaction were not disclosed. The sale is expected to close by the end of the first quarter of 2011 and is subject to regulatory approvals.
In a filing with the Securities and Exchange Commission, AIG said it expects to recognize a pre-tax loss of approximately $1.9 billion in the 2010 third quarter as a result of the sale under the accounting criteria "held-for-sale."
Founded in 1920, AGF provides loans, retail financing and other credit-related products to more than a million families across the United States, Puerto Rico, the Virgin Islands and the United Kingdom. The company specializes in providing financing solutions for consumers. These solutions include bill consolidation loans, home equity loans, personal loans, home improvement loans and loans to help consumers manage unexpected expenses.
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