Brazilian bank Unibanco wants local AIG operations

SAO PAULO: Brazilian bank Unibanco says it has made an offer to the Federal Reserve to acquire the local insurance operations of financially troubled American International Group.

A spokeswoman for Uniao de Bancos Brasileiros SA says the bank is waiting for the Fed to respond to its offer. She said on Friday that the bank has a 52 percent stake in local insurance company Unibanco AIG, while AIG has a 48 percent stake.

AIG was bailed out last month when the US government offered it an US$85 billion loan in exchange for a 79.9 percent stake in the company.

The spokeswoman, who declined to be identified because she is not authorized to speak to the press, would not give furhter details "because the offer is still under consideration by the Fed."