In a statement released late on Wednesday, Brazilian bank Banco Unibanco (UBB) acquired certain local assets of American International Group Inc. (AIG) for $820 million. UBB said it will acquire a 49% stake in a joint venture called Unibanco AIG Seguros S.A. AIG and Unibanco have jointly operated insurance and pension-fund services under the name Unibanco AIG Seguros S.A since 1997.

"Following completion of the agreement, Unibanco will assume full control of Uniseg and continue to grow its insurance and pension businesses. AIG will continue to bring its insurance products and services to the Brazilian market through AIG Brasil, while continuing to work with Uniseg in many business opportunities, namely in reinsurance and corporate insurance," Unibanco and AIG said in a joint statement.

The shares of AIG have edged more than 2% higher this afternoon. While the stock is holding above its 20-day moving average, it appears to be having trouble conquering the 2 level. This area is also home to the security's declining 10-week trendline, which AIG has not finished a week above since May 2008.