AIG enters housing fin with Weizmann buy
MUMBAI: US financial services giant AIG has made a lateral entry into housing finance in India by buying out Weizmann Homes. On Tuesday AIG Capital India, a wholly-owned subsidiary of American International Group Inc, signed an agreement to acquire 100% of the outstanding equity of Weizmann Homes. Weizmann is a housing finance company registered with the National Housing Bank from Weizmann, Federal Bank, Asian Investment & Finance Corporation and other minority shareholders. The transaction is expected to close in April. "The credit market is so underpenetrated there is enough room for everyone to grow. We will look at expanding the market across India in a calibrated manner," said Sunil Mehta, country head & CEO AIG India in response to a query on the kind of market share AIG is looking at in India.
