AIG (AIG) Buys 18% Stake in MicroCred
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American International Group, Inc. (NYSE: AIG) today announced that it has acquired 18% of MicroCred Nanchong, China and the exclusive right to sell micro insurance to MNC clients for two years. MNC is the first wholly foreign-owned micro credit company in China.
MNC began operations in October of 2007 and currently offers its clients a micro loan product with an average loan size of RMB 25,000 (approximately $3,600). It plans to introduce a small business loan product with an average loan size of approximately RMB 75,000 (approximately $11,000) in mid 2008 for micro and small enterprises located in the Nanchong municipality.
American International Group, Inc., through its subsidiaries, provides insurance and financial services in the United States and internationally.
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