Weil, Clifford Chance act in AIG Private Bank sale

Weil Gostshal & Manges and Clifford Chance have snared lead roles advising on the sale of AIG Private Bank to Abu Dhabi investment group Aabar Investments PSJC.

Weil Gotshal London corporate partner Peter King led a team with New York partner Richard Ginsburg advising global client AIG on its sale to Aabar.

A team from Swiss firm Lenz & Staeheli led by partner Matthias Wolf advised AIG on Swiss law.

Clifford Chance Abu Dhabi-based partner Jonathan Olier advised Aabar.

The deal will see AIG become an independent financial institution headquartered in Switzerland.

AIG Private Bank represents high wealth individuals in Asia, Europe and the Middle East.

Earlier this year TheLawyer.com reported on AIG drafted in Sullivan & Cromwell chairman Rodgin Cohen to advise on its initial $20bn bailout (22 September.) The insurance giant then received additional $37.8bn in October (9 October).

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