American International Group Inc. (AIG) subsidiary AIG Consumer Finance Group (CFG), Inc. has reached an agreement to buy Inversora Pichincha S.A. (Inversora Pichincha), the third largest consumer finance company in Colombia, from Ecuador-based Banco Pichincha CA and other minority shareholders.

The transaction is subject to regulatory approval in Colombia and other customary closing conditions.

Inversora Pichincha provides consumer auto loans, commercial vehicle loans and unsecured consumer credit through direct and indirect distribution channels, including auto dealerships, affiliated businesses, and government agencies. It has 17 branches in the four largest cities in Colombia.

Richard Pfeiffer, CEO of AIG CFG, said, "Inversora Pichincha's broad distribution and leadership position in Colombia presents a singular opportunity to expand the AIG Consumer Finance Group's product mix in Latin America while diversifying geographically. This acquisition strengthens the Consumer Finance footprint in Latin America, and provides distribution potential for additional AIG CFG products and services in the region."