PKO Bank Misses Opportunity To Acquire AIG Assets

Beleaguered US insurer American International Group (AIG) saw its efforts to offload its non-core assets in Poland on May 13 delayed when PKO Bank Polski dropped its plans to acquire 99.92% of AIG Bank Polska and 100% of AIG Credit. AIG has so far only managed to pay back just US$3.2bn of the US$130bn in government bailout funds it has drawn to date (from a total of US$182bn available). The insurer has been restructuring and divesting non-core assets throughout 2008 and 2009, with many of its international units and real estate being the first on the auction block.

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