China Construction Bank to buy AIG Finance

China Construction Bank (CCB) will buy 100% of New York-based AIG’s Hong Kong subsidiary AIG Finance for US$70 million, Bloomberg reported. It will be CCB’s first overseas acquisition since 2006, when it bought Bank of America’s Hong Kong and Macau unit for US$1.25 billion. AIG has been selling assets up to about US$7.4 billion since it received a bailout from the American government in September. AIG Finance has has more than 500,000 customers, total loans worth US$619 million and a retail deposits balance of US$129 million. Non-domestic revenue accounted for just 1.7% of CCB’s total revenues in 2008.