Philamlife group acquires Primus Finance

AIG PhilAm Savings Bank Inc. (AIG PhilAm Bank) and Philippine American Life and General Insurance Co. (Philamlife), subsidiaries of American International Group Inc. (AIG), has completed last April acquiring the majority stake in Primus Finance & Leasing Inc. (Primus) previously held by Ford Credit International Inc. (FCI).

Primus provides automotive financing to Ford and Mazda dealers throughout the Philippines. It was a part of Ford Motor Credit Co., a subsidiary of Ford Motor Co.

AIG PhilAm Bank president and chief executive officer Joven Reyes said Primus customers may also access additional value-laden products and services.

AIG PhilAm Bank’s auto loan facility provides borrowers free P500,000 personal accident (PA) insurance for the entire term of their loan. This benefit is now extended to Primus customers on their loan booking anniversary date, provided all their amortization payments are up-to-date.

“Primus customers may also apply for another auto loan. Upon approval of their application and booking, they are also entitled to a free P500,000 PA and an AIG PhilAm credit card,” Reyes said.

AIG Philam Savings Bank will ensure continued strong Primus support to Ford and Mazda brands and their respective dealers and consumers.

AIG is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. It is also the leading provider of retirement services, financial services and asset management around the world.