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AIG buys UK lender Ocean Finance | AIG buys UK lender Ocean Finance |
(about 4 hours later) | |
Insurance and financial services giant American International Group (AIG) is buying UK firm Ocean Finance and Mortgages Ltd for an undisclosed fee. | Insurance and financial services giant American International Group (AIG) is buying UK firm Ocean Finance and Mortgages Ltd for an undisclosed fee. |
The deal means a windfall for Ocean chief executive CEO Paul Newey who set up the Staffordshire firm in 1991. | The deal means a windfall for Ocean chief executive CEO Paul Newey who set up the Staffordshire firm in 1991. |
Employing about 300 people, it offers loans against the value of people's homes, as well as mortgages and remortgages. | Employing about 300 people, it offers loans against the value of people's homes, as well as mortgages and remortgages. |
Ocean said it currently had a portfolio of loans worth about £60m. | |
Subject to the deal going through, it will be owned by AIG subsidiary American General Finance Corporation - which has about 9,700 employees and 1,450 offices. | Subject to the deal going through, it will be owned by AIG subsidiary American General Finance Corporation - which has about 9,700 employees and 1,450 offices. |
AIG's most high profile presence in the UK is through its £56m shirt sponsorship of Manchester United. | AIG's most high profile presence in the UK is through its £56m shirt sponsorship of Manchester United. |