AIG to sell consumer finance unit in Colombia

American International Group Inc. on Wednesday said it agreed to sell all of its ownership interests in its consumer finance operations in Colombia, the latest in a recent string of asset sales by the embattled insurer to bolster its finances.

New York-based AIG is selling 100 percent of its interests in Inversora Pichincha SA and Interdinco SA to Banco Pichincha CA of Ecuador and other parties. Terms of the transaction were not disclosed. The deal is subject to conditions including approvals from regulators in Colombia and Ecuador.

Inversora Pichincha offers consumer finance products in Colombia including vehicle financing and personal, student and commercial loans through 19 branches in Colombia.

Wednesday's sale brings to 18 the total number of asset sales AIG has announced since last fall, when the company's near-collapse led the U.S. government to offer the company a financial lifeline. The government now has an 80 percent stake in AIG.

Shares of AIG fell $5.12, or 22 percent, to finish at $18.08 on Wednesday, a day after shareholders at the company's annual meeting approved a 1-for-20 reverse-stock split.