AIG to resume U.S. real-estate investments
WASHINGTON — American International Group (AIG), the giant US insurer bailed out at the height of the 2008 global financial crisis, is looking to get back into the real estate market, the Wall Street Journal reported.
The newspaper said late Tuesday that AIG, which has been selling off trophy properties in order to pay back the US government loans which kept it afloat, now plans fresh investments in the United States from later this year.
AIG, formerly the world’s largest insurance group, received a $180 billion government bailout in 2008 to save it from catastrophic failure after the sub-prime home loan collapse threatened to bring down the whole financial system.
Last month, the US Treasury said it had successfully sold $6 billion of its shares in AIG, cutting its overall stake to 70 percent from 77 percent.