AIG subsidiary American General Finance Corporation has bought Ocean Finance and Mortgages for an undisclosed sum.
The deal, which is subject to regulatory approval, was confirmed on Friday afternoon and adds to the insurer’s increasing influence in the UK. It follows months of speculation regarding Ocean’s future.
Law firm Norton Rose has been advising on the deal and its partner James Bateson says: “This deal will be highly significant for AGF, representing its first move outside its home market of North America.
“This deal will give AGF the opportunity to bring its financial strength and experience in consumer financing and other credit-related products to the UK.”