Expanding its presence beyond the US market, AIG subsidiary American General Finance Corporation has entered into an agreement to acquire Ocean Finance and Mortgages, a UK-based finance broker for home owner loans.
Ocean, which is headquartered in Staffordshire, England, was established in 1991 and currently employs nearly 300 people. The finance broker currently offers home owner loans, mortgages and remortgages (refinancing).
Ocean maintains a residential mortgage portfolio of approximately GBP60 million ($110 million).
We are pleased to have reached this agreement to acquire Ocean Finance and Mortgages, which will become the first American General Finance company located outside of North America, commented American General Finance Corporation CEO Frederick Geissinger.
We look forward to further growth and development in this market, and to the opportunity to bring our financial strength and experience in consumer financing and other credit-related products to the UK
Subject to regulatory approvals, the transaction is expected to close in late 2006 or early 2007. Terms of the agreement have not been disclosed.