RBI allows AIG Capital to register as NBFC
Our Corporate Bureau
18 October 2006
Mumbai: The Reserve Bank of India (RBI) has approved a proposal by AIG Capital India Ltd to operate as a wholly owned non-banking finance company (NBFC) of American International Group, Inc. The registration will permit AIG Capital, India, to launch any of the 19 permitted financial services in India's fast growing retail financial services market, the company said in a filing with the Bombay Stock Exchange (BSE).
"We are delighted to receive the NBFC registration from Reserve Bank of India and are committed to building a robust asset management and consumer finance franchise in India. We believe that the Indian financial services sector offers strong growth potential which we are well poised to develop and grow," Sunil Mehta, country head and CEO, AIG India, said.
AIG Capital plans to leverage the expertise of AIG Financial Services and AIG Asset Management divisions of its parent company to offer asset management and consumer finance products and services in the Indian market.
American International Group Inc. (AIG) is a leading international insurance organisation with operations in more than 130 countries and jurisdictions. AIG serves commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks.
In addition, AIG provides retirement services, financial services and asset management solutions around the world. AIG's common stock is listed in the US on the New York Stock Exchange and ArcaEx, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.