This is old news.

BMO Financial Group said Tuesday it is purchasing the Canadian business of beleaguered insurance giant American International Group Inc. in an all-cash transaction valued at $375-million.

This article was informative. But i want some more info. regarding this..

I'm glad that we can help the U.S. government by buying out AIG's ailing Canadian offshoot... I hope that BMO's getting a good price for AIG.!!

AIG Sells Canadian Life Unit to Bank of Montreal

http://www.bloomberg.com/apps/news?pid=20601082&sid=agAaq4xS_om4&refer=canada

By Sean B. Pasternak and Hugh Son

Jan. 13 (Bloomberg) -- American International Group Inc., the insurer bailed out by the U.S., agreed to sell a Canadian unit to Bank of Montreal for about C$375 million ($305 million), as AIG accelerates sales to repay a $60 billion government loan.

The purchase of AIG’s Canadian life insurance business will add about 400,000 clients and 300 employees, and will increase Bank of Montreal’s earnings within a year, the Toronto-based bank said today in a statement.

AIG is being forced to sell dozens of businesses, including a jet-leasing company and insurance operations in the U.S. and Japan, to repay a U.S. government loan. The New York-based- insurer raised $1.8 billion in asset sales before today’s announcement, including an equipment insurer and a private bank.

“That certainly wasn’t a rich price AIG got for that asset, but it wasn’t horrible for this market,” said Robert Haines, an analyst at CreditSights Inc. in New York. “They had to start showing progress in getting some of these deals done.”

The deal values the Canadian operations at “slightly above” book value, or assets minus liabilities, said David Monfried, an AIG spokesman in New York. The final purchase price will adjust if the unit’s worth changes before the acquisition is completed, AIG said in the statement.