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Publish Date : 11-Dec-2012

In its bid to sell assets that seem nonessential to its core businesses and to recover from the financial crisis, American International Group (AIG) has inked a deal with a group of Chinese investors.

Under the deal worth around $5.28 billion, AIG will sell up to 90% of its extensive aircraft leasing unit to a group that includes New China Trust Co., the China Aviation Industrial Fund and P3 Investments. .

The group has the option of purchasing a further 9.9% stake, which if exercised, would bring in two additional investors: New China Life Insurance and a subsidiary of the Industrial and Commercial Bank of China.

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