Abu Dhabi investment company snaps up AIG asset. Name to change.
AIG is seeing some progress on its asset sale programme with the sale of AIG Private Bank to Aabar Investments PJSC (Aabar), an investment company based in Abu Dhabi. Aabar Investments PJSC is listed on the Abu Dhabi Securities Exchange.
AIG Private Bank is headquartered in Zurich, Switzerland. It was founded in 1965 and has branches, representative offices and wealth management affiliates in Hong Kong, Taipei, Shanghai and Singapore. It clients are mostly high net worth individuals.
Under its new ownership, AIG Private Bank will conduct its business under a new name.
“We have looked very thoroughly at AIG Private Bank and are impressed by the professionalism and dedication of the management team and staff. This transaction represents a great opportunity to leverage AIG Private Bank’s expertise in wealth management and to further develop it in our region. AIG Private Bank provides us with a platform with the potential for significant long-term growth and value creation,” said H.E. Khadem Al Qubaisi, Chairman of Aabar and future designated Chairman of the bank.
“We are proud and delighted that we have found a strong and internationally renowned investor such as Aabar to support the future development of our bank. This sends a clear message to our customers that we will continue to be a trustworthy, reliable and competent partner for them,” said Eduardo Leemann, CEO of AIG Private Bank. “It also offers us new opportunities to expand our operations, especially in the Middle East,” Mr. Leemann added. He and his senior management team will remain with the bank.
The transaction is subject to satisfaction of certain conditions, including approvals by appropriate regulatory authorities.
Blackstone Advisory Services provided financial advice to AIG in connection with AIG’s global restructuring program. UBS Investment Bank acted as financial advisor and Lenz & Staehelin served as legal counsel to AIG on the deal.
