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BOSTON, Massachusetts - Embattled insurance giant AIG said Friday it will sell assets outside its core property and casualty insurance businesses to repay a 61-billion-dollar loan from the Federal Reserve Bank of New York.
The US Federal Reserve last month agreed to a loan of up to 85 billion dollars to stave off collapse at AIG and help limit financial market contagion.
"AIG plans to retain its US property and casualty and foreign general insurance businesses, and to retain a continuing ownership interest in its foreign life insurance operations," AIG said in a statement.
The Blackstone Group and JP Morgan will be AIG's global coordinators for the divestiture programme, AIG said, adding that its "property and casualty businesses generated approximately 40 billion dollars in revenues in 2007."
"The company is exploring divestiture opportunities for its remaining high-quality businesses and assets," said the statement.
AIG chairman and chief executive officer Edward Liddy said: "We are refocusing on our traditional strengths in property and casualty underwriting.
"We have a number of remarkable businesses with leading market positions and significant competitive advantages that could not be recreated today.
"To realize our objective, we will sell a number of extraordinary businesses that are proving to be highly attractive to buyers," he said.
Libby said AIG had "already been contacted by numerous strong, stable parties, and we expect that buyers will recognize the value of these properties."
- AFP/ir
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