American International Group (AIG), a world leader in insurance and financial services, has announced an agreement to sell AIG Private Bank Ltd., a wholly-owned subsidiary of the group, to Aabar Investments PJSC (Aabar).

Aabar Investments PJSC is a global investment company listed on the Abu Dhabi Securities Exchange.

Under its new ownership, AIG Private Bank will become an independent financial institution, headquartered in Switzerland along with branches and representative offices in Hong Kong, Shanghai, Singapore and Dubai.

In addition, AIG Private Bank will conduct its business under a new name and will continue to focus on providing wealth management services to high net worth individuals in Switzerland, Western and Eastern Europe, Asia and the Middle East.

However, the transaction is subject to satisfaction of certain conditions, including approvals by appropriate regulatory authorities.