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AIG Philam Savings Bank and Philippine American Life and General Insurance Co. (Philamlife)—subsidiaries of American International Group Inc. (AIG)—said they had completed the acquisition of the majority stake in Primus Finance & Leasing Inc., previously held by Ford Credit International, a subsidiary of Ford Motor Co.

Primus, established in 1999, provides automotive financing to Ford and Mazda dealers in the Philippines.

AIG Philam Savings Bank and Philamlife closed the share purchase transaction with Ford Credit on April 17, 2008.

“We are now looking forward to serving Primus customers,” said AIG Philam Savings Bank president and chief executive Joven Reyes.

AIG Philam Savings Bank’s auto loan facility provides borrowers free P500,000 personal accident insurance for the entire term of their loan. This is now extended to Primus customers on their loan booking anniversary date, provided all their amortization payments are up-to-date, Reyes said. With editing by INQUIRER.net

• More OFW families save, invest money sent to them
• UCPB spending P440M for new IT system
• UCPB invests $10.1M for IT upgrade
• Icahn says Yahoo-Google ad deal has merit
• Ayala Corp. to pay P2/share cash dividend, shares up 5.3%
• Banks urged to hone risk management skills
• Brewers struggling to slake thirst for mergers
• PNB doubles Tier 2 notes offer to P6B
• Banks to benefit from accounting standards shift -- Misys

• RP raises $1.5B from int’l bond offering
• Shares slide 1.66% lower
• Economic crisis fears return
• Forex reserves as record $37.1B
• RP less vulnerable to crisis, says Fitch
• NFA rice procurement highest since 1979
• Treasurer sees drop in interest rates
• HK fund buys 13% of Alliance Tuna
• Philex reports P800-M output