AIG execs to visit Mla to discuss future of Philam Savings Bank

The Consumer Finance Group (CFG) of American Insurance Group (AIG) is expected to come to Manila early next month to discuss their business plan for its affiliate Philippine American Life Insurance Co. (Philam) particularly its banking Philam Savings Bank.

"We are reviewing them. People from the CFG will be coming here next month. We will have to discuss what are the plans (for Philam Savings)," Philamlife president Jose Cuisia Jr. said.

While there are no concrete and definite plan for the savings bank, Cuisia said that buying an existing bank or growing the bank internally may be two of the options which they will consider.

Last year, CFG and Philamlife entered into a 50-50 joint venture to set up the American International Credit Card Co. (AICCC).

Cuisia said CFG has operations worldwide particularly in Asia, Latin America and the US.

He said CFG is slowly making its presence felt in financial services companies.

For instance, he said CFG had just bought a small bank in Delaware and a financial company in Thailand.

At present, Philam Savings has 10 branches. Its total resources stood at about P2 billion.

Philamlife used to own shares in Far East Bank and Trust Co. But, it eventually sold its stake in the bank in favor of Bank of Philippine Islands (BPI).