AIG acquires Colombian lender
The article discusses AIG's March 17, 2008, purchase of Inversora Pichincha, the third largest consumer finance company in Colombia. Given the multi-jurisdictional nature of the transaction, the parties deliberated over which country's legal framework to use. On the condition that the share transfer's formal aspects would be in compliance with Colombian law, it was decided to use U.S. law as the governing law of the agreement and international arbitration as the dispute resolution mechanism.
The acquisition marks the arrival of yet another consumer finance world leader in the Colombian market, suggesting increased competition in the sector.
Mr. Sirven and Ms. Longino are noted as U.S. counsel to Inversora Pichincha in the transaction.