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AIG in talks to sell bulk of ILFC to Chinese group

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December 7, 2012 12:38 PM EST | AP


NEW YORK — AIG says it is in talks with a Chinese investor group to sell a controlling stake in its jet leasing business.

American International Group Inc. said Friday that the talks to sell a 90 percent stake in its International Lease Finance Corp. business are with a group led by New China Trust Co. Ltd., New China Life Insurance Co. Ltd., P3 Investments Ltd. and China Aviation Industrial Fund.

AIG has said its jet leasing business is a non-core asset. It filed plans last year to take it public. The New York-based insurer has been selling off subsidiaries to raise money to pay back its $182 billion bailout from the government during the economic meltdown.

AIG provided no other details on a potential sale. Shares of AIG rose nearly 2 percent.