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AIG Consumer Finance to purchase Inversora Pichincha

American International Group, a subsidiary AIG Consumer Finance Group, has agreed to purchase Inversora Pichincha, a consumer finance company in Colombia, from Banco Pichincha and other minority shareholders.

AIG Consumer Finance Group (AIGCFG) said that the acquisition will strengthen its consumer finance footprint in Latin America, and also provides distribution potential for additional products and services in the region.

The transaction is subject to regulatory approvals and other customary closing conditions.

Richard Pfeiffer, CEO of AIGCFG, said: 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.