Aabar reveals bank takeover bid

Abu Dhabi: Abu Dhabi-based Aabar Investment PJSC told the Abu Dhabi Securities Exchange (ADX) on Monday that it had signed a binding agreement to acquire AIG Private Bank Ltd from its parent company American International Group, Inc (AIG) at the equivalent of $254 million (Dh932.94 million).

"Private banks don't come up for sale very easily, especially a Swiss private bank. When this opportunity came up, we did a thorough due diligence on it and came to the conclusion that this is a transaction that would add long-term value for our shareholders," Aabar Investments' Chief Financial Officer Mohammad Badawy Al Hussainy told Gulf News by telephone.