American General Finance Inc., a wholly owned subsidiary of American International Group Inc. (AIG), has entered into an agreement with Popular Inc. to acquire a substantial portion of its Equity One consumer branch loan portfolio for $1.49 billion.
‘American General Finance's business continues to perform quite well compared to many consumer lenders,’ says Frederick W. Geissinger, chairman and CEO of American General Finance. ‘That fact, combined with AIG's continued support, allows the company to take advantage of loan growth opportunities that fit our strategic objectives and our underwriting and return requirements.’