Consumer Finance Group, Inc. (AIGCFG), has reached an agreement to
purchase Inversora Pichincha S.A. (Inversora Pichincha), the third
largest consumer finance company in Colombia, from Ecuador-based Banco
Pichincha C.A. and other minority shareholders. The transaction is
subject to regulatory approval in Colombia and other customary closing
conditions.
Inversora Pichincha provides consumer auto loans, commercial
vehicle loans and unsecured consumer credit through direct and indirect
distribution channels, including auto dealerships, affiliated
businesses, and government agencies. It has 17 branches in the four
largest cities in Colombia.
Richard Pfeiffer, Chief Executive Officer of AIGCFG, commented,
"Inversora Pichincha's broad distribution and leadership
position in Colombia presents a singular opportunity to expand the AIG
Consumer Finance Group's product mix in Latin America while
diversifying geographically. This acquisition strengthens the Consumer
Finance footprint in Latin America, and provides distribution potential
for additional AIGCFG products and services in the region."
Hamilton C. Da Silva, AIG Vice President and the Chief Executive
Officer for the Latin America Region, said, "This acquisition shows
AIG's strong commitment to expand its businesses in the Latin
America region, and in particular Colombia, which is a country with
excellent growth opportunities."
AIG Consumer Finance Group, Inc. provides consumer finance products
and services, including credit cards, auto loans, consumer loans and
sales finance in Asia, Europe, and Latin America. Established in 1995,
AIG Consumer Finance Group, Inc. currently has operations in Argentina,
Brazil, China, Hong Kong, India, Mexico, Poland, Philippines, Taiwan and
Thailand.
http://www.youtube.com/watch?v=bG5rn8FIupU
American International Group, Inc. (AIG), a world leader in
insurance and financial services, is the leading international insurance
organization with operations in more than 130 countries and
jurisdictions. AIG companies serve commercial, institutional and
individual customers through the most extensive worldwide
property-casualty and life insurance networks of any insurer. In
addition, AIG companies are leading providers of retirement services,
financial services and asset management around the world. AIG's
common stock is listed on the New York Stock Exchange, as well as the
stock exchanges in Ireland and Tokyo.
http://www.thefreelibrary.com/AIGConsumerFinanceEntersColombiaMarketThroughPurchaseof...-a0176793007
