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NU Online News Service, Aug. 11, 12:15 p.m. EDT

American International Group said it will sell its majority interest in its consumer lending business, American General Finance, and take a pre-tax loss of $1.9 billion in the third quarter from the transaction.

In a joint statement, The New York-based insurer said that it will sell 80 percent interest in American General Finance Inc. (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.

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