CBS Investment

American financial and insurance group American International Group, Inc. (AIG) is selling its banking unit in Russia – “AIG Bank”, is reported in the press release of the company on June 29.

Banque PSA Finance SA, registered in June 2008 as the financial branch of French auto concern PSA Peugeot Citroen, is going to buy the above mentioned bank. German Deutsche Bank will be the financial consultant from the part of AIG, whereas the Russian unit of CMS will consult the French side.

Other terms of the transaction have not yet been disclosed.

In the midst of the global financial crisis, all eyes and all hopes of the world’s automotive industry are turned to the Shanghai auto show. This is not surprising, given that China is now one of the most promising automobile markets. Companies that suffer losses in their homeland, earn profits in China. Everywhere where a visitor looks at Shanghai motor show, there is continuous optimism. And despite the fact that auto giants worldwide suffer some losses, the situation is quite different in China. Whether it is Volkswagen, Audi, BMW, Daimler and General Motors – all just talk about the growth and increase of market shares. Head of Volkswagen Group Martin Vinterkorn emphasized that VW was committed to consolidate its position in China. According to him, his group wants to invest in the country of 1.6 billion euros until the end of 2010.