Abu Dhabi firm buys AIG's Private Bank ($254 million)

AIG doesn’t sound like a name you want to be associated with it too much, but what if you buy it and rename it? That’s what Abu Dhabi-based investment firm, Aabar Investments, is going to do after acquiring AIG Private Bank, a wholly-owned subsidiary of the troubled AIG, for $254 million.

AIG Private Bank will become an independent financial institution, headquartered in Switzerland along with branches and representatives in Hong Kong, Shanghai, Singapore and Dubai.

At the time of writing this piece, Aabar market cap is ~$500m; AIG’s NYSE ~$5,000m.

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