News: AIG to set up real estate development firm
(ACERC 29/03/2006) Mumbai - American Insurance Group (AIG), the world's largest insurer by market value, plans to set up a real estate development company and a consumer finance arm this year.
The group, which has been selling insurance in India since 2000, recently set up the country's first mutual fund with 100 per cent foreign investment. AIG India said that a JV for commercial real estate development will be floated this year.
Last week, the government cleared AIG Capital Corp's Rs 225-crore proposal to peddle consumer finance and asset management services. AIG Global Real Estate comprises a group of international companies within AIG Global Investment Group that invests in and manages real estate for clients and group companies around the world.
On December 31 last year, AIG Global Real Estate was managing assets over $10 billion. AIG Global Real Estate's property portfolio includes over 53m square feet of retail, residential, industrial, office and hospitality properties owned, managed, or being developed in more than 50 countries.
AIG Real Estate has offices in Atlanta, Dublin, Hong Kong, London, Los Angeles, Mexico City, San Francisco, Seoul, Singapore, and Tokyo. In consumer finance, AIG is looking to emulate Citifinance, which funds purchases of consumer durables, cars and home loans. In the US, AIG provides consumer loans through American General Finance.
The group, which has been selling insurance in India since 2000, recently set up the country's first mutual fund with 100 per cent foreign investment. AIG India said that a JV for commercial real estate development will be floated this year.
Last week, the government cleared AIG Capital Corp's Rs 225-crore proposal to peddle consumer finance and asset management services. AIG Global Real Estate comprises a group of international companies within AIG Global Investment Group that invests in and manages real estate for clients and group companies around the world.
On December 31 last year, AIG Global Real Estate was managing assets over $10 billion. AIG Global Real Estate's property portfolio includes over 53m square feet of retail, residential, industrial, office and hospitality properties owned, managed, or being developed in more than 50 countries.
AIG Real Estate has offices in Atlanta, Dublin, Hong Kong, London, Los Angeles, Mexico City, San Francisco, Seoul, Singapore, and Tokyo. In consumer finance, AIG is looking to emulate Citifinance, which funds purchases of consumer durables, cars and home loans. In the US, AIG provides consumer loans through American General Finance.
posted by InCar Group Press Room at 17:15
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