Originally published: August 26, 2008
Source: Forbes
American International Group Inc. (AIG) has acquired an 18% stake in MicroCred Nanchong of China and the exclusive right to sell microinsurance to MicroCred clients for 2 years. AIG Micro Financial Services, a unit dedicated to providing financial services and products to low-income individuals and microentrepreneurs worldwide, will be working closely with MicroCred Nanchong.
MicroCred Nanchong China is the first wholly foreign-owned microcredit company in China. It began operations in October 2007, and currently offers its clients a microloan product that averages about US$3,600. It plans to introduce a small business loan product with an average loan size of about US$11,000 later this year.