Nationalized US insurance giant AIG said Tuesday it had cut its debt to the Federal Reserve Bank of New York by 25 billion dollars by transferring assets.
AIG said it had transferred ownership to the Federal Reserve Bank of parts of two subsidiaries, ALICO which is active in life assurance in the United States and AIA which provides life assurance abroad.
AIG was one of the giant US groups which fell into severe financial difficulties at the height of the financial crisis last year, and it was nationalized in a rescue maneuvre to avert a breakdown in the US financial system.
