AIG Confirms Agreement With Korean Government On Hyundai Investments.

NU Online News Service, Aug. 23, 10:05 a.m. – AIG Companies, Seoul, a consortium led by American International Group Inc., New York has signed a memorandum of understanding with the Korean government to invest in Hyundai Investment Trust & Securities Company and Hyundai Investment Management Company.

AIG says completion of the investment is subject to execution of a definitive agreement between the Korean government and the consortium, as well as an agreement with Hyundai Securities Company on the consortium's investment in Hyundai Securities and several other closing conditions. AIG did not give any financial details.

Last year, AIG led a consortium to sign an initial agreement with the Korean government to invest $857 million (1.1. trillion won) in Hyundai Securities, Hyundai Investment Trust & Securities and Hyundai Investment Trust Management. (See http://www.nunews.com/lifeandhealth/hotnews/viewLH.asp?article=8_22_01_16_2396.xml)