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Insurer close to offloading Japanese HQ

INSURER American International Group Inc is close to selling its Japanese headquarters for around US$1 billion to help pay off its debt to Washington, the Wall Street Journal said yesterday.

The 15-story building will likely be purchased by a Japanese insurance company, though the timing is unclear because of this week's "Golden Week" holidays in Japan, the paper said, citing unnamed sources. Financial markets are closed until tomorrow.

The deal would be among the biggest divestitures New York-based AIG has made to reimburse the United States government for its massive infusion of aid, according to the Wall Street Journal.

Calls to AIG's Japan headquarters went unanswered yesterday.

AIG may also be nearing a deal to unload its airplane-leasing business, International Lease Finance Corp, the Wall Street Journal said.


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