American International Group Inc. has announced today that it will in fact sell its wealth management AIG Private Bank division to Aabar Investments. The bank will now provide the same wealth management services under a different name and will be headquartered in Switzerland. The current senior management will continue to work at the bank. AIG is selling this division as it tries to raise much needed cash not only to survive the financial crisis but to also raise money to pay back the $85 billion US federal aid loan. No further details, including financial details, were disclosed about the deal. AIG says it has no plans to sell off any of its American businesses or its foreign insurance businesses.