AIG receives bids for aircraft leasing unit

American International Group (AIG), moving ahead with asset sales, has received the first round of bids for its aircraft leasing unit, and is expected to start shopping its asset management business soon, people familiar with the matter said.

AIG has received the first round of bids for its International Lease Finance Corp unit and the sale process is now in the early due diligence stage, the sources said, adding that the process is fluid and the timeline was unclear. The sale is being handled by investment bank Moelis.

AIG has also retained UBS to sell its asset management business, sources said. The third-party asset management business rests within AIG Investments, which had $111.5 billion (Dh409bn) in client assets under management overall as of September 30.

Last month, AIG agreed to sell its private banking unit, another business within its Asset Management group, to Abu Dhabi-based Aabar Investments for $254 million.

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