NEW YORK, July 2 /PRNewswire/ --

AIG Investments today announced that AIG Global Emerging Markets Fund II,
L.P., a fund sponsored by AIG Capital Partners, Inc. (AIGCP), a member
company, acquired a minority interest in Intercontinental Bank Plc, a leading
bank in Nigeria, as part of a consortium of international investors,
including Emerging Capital Partners, Vectis Capital through West African
Financial Holdings Limited Partnership, Firstrand International Limited and
Rashed Abdulrahman Al Rashed & Sons Company Limited. The transaction will
support Intercontinental Bank's expansion strategy in and outside Nigeria.
The transaction was part of a larger US $850 million fundraising exercise by
Intercontinental Bank to increase its Tier 1 capital with the funds earmarked
for various growth initiatives.

"Intercontinental Bank's performance, potential and leadership in a
sector that is rapidly growing presented the right opportunity for us as
investors. We are excited to be one of the first international private equity
investors in the Nigerian banking industry, and look forward to continue
expanding our presence in Africa," said Andre Steyn, a Director of AIG
Investments.

"We are extremely pleased to have this investment from such a renowned
group of international investors. AIG Investments will bring their global
capacity and financial leadership to bear on the operations and performance
of Intercontinental Bank in its drive to excel on the stage of global
banking," said Erastus Akingbola, CEO and founding shareholder of
Intercontinental Bank.

This investment further solidifies AIG Investments' commitment to
investment in Africa, following the investment in Blue Financial Services in
2006, a leading southern African provider of micro finance.

About AIG Investments

AIG Investments is a global leader in asset management with extensive
capabilities in equity, fixed income, hedge, private equity and real estate
investments. Member companies of AIG Investments manage more than US $685
billion in assets and employ over 2,000 professionals in 44 offices around
the world as of March 31, 2007. AIG Investments is the asset management arm
of American International Group, Inc. (NYSE: AIG). As a member company of AIG
Investments, AIG Capital Partners is a leading private equity investor in
emerging markets, with 100 investment professionals located in 19 offices
worldwide.

About Intercontinental Bank plc

Based in Lagos, Nigeria, Intercontinental Bank has assets of
US$5.5 billion and a market capitalization of US$3.5 billion on the
Nigerian Stock Exchange. In October 2005, as part of the industry-wide
consolidation drive, Intercontinental Bank executed a merger with three other
banks: Equity Bank of Nigeria Plc, Global Bank Plc and Gateway Bank Plc.
Since the merger, the bank's assets have increased in excess of 90%. The bank
has a growing retail business, supported with a nationwide network of over
200 branches. Intercontinental Bank is rated as the 5th largest bank in Sub
Saharan Africa by the Financial Times.