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| Version 0 | Version 1 |
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| AIG buys UK lender Ocean Finance | AIG buys UK lender Ocean Finance |
| (40 minutes later) | |
| Insurance and financial services giant American International Group (AIG) is buying UK firm Ocean Finance and Mortgages Ltd for an undisclosed fee. | Insurance and financial services giant American International Group (AIG) is buying UK firm Ocean Finance and Mortgages Ltd for an undisclosed fee. |
| The deal means a windfall for Ocean chief executive CEO Paul Newey who set up the Staffordshire firm in 1991. | The deal means a windfall for Ocean chief executive CEO Paul Newey who set up the Staffordshire firm in 1991. |
| Employing about 300 people, it offers loans against the value of people's homes, as well as mortgages and remortgages. | Employing about 300 people, it offers loans against the value of people's homes, as well as mortgages and remortgages. |
| Ocean said it currently had a portfolio of loans worth about £60. | Ocean said it currently had a portfolio of loans worth about £60. |
| Subject to the deal going through, it will be owned by AIG subsidiary American General Finance Corporation - which has about 9,700 employees and 1,450 offices. | |
| AIG's most high profile presence in the UK is through its £56m shirt sponsorship of Manchester United. | AIG's most high profile presence in the UK is through its £56m shirt sponsorship of Manchester United. |