AIG to sell up to 90 pc of ILFC to Chinese group

American International Group said it would sell up to 90 per cent of its ILFC airplane leasing business to a Chinese consortium led by New China Trust Co in a deal that values ILFC at US$5.28 billion. New China Trust, China Aviation Industrial Fund and P3 Investments will buy 80.1 per cent of ILFC for US$4.23 billion, with the option to buy another 9.9 per cent. The group will be expanded to include an arm of the Industrial and Commercial Bank of China (ICBC) upon regulatory approval. New China Trust is 20 percent-owned by British bank Barclays.

via Business feed http://www.scmp.com/business/money/market-snapshot/article/1101969/aig-sell-90-pc-ilfc-chinese-group