ZURICH, Switzerland—American International Group Inc. has agreed to sell AIG Private Bank Ltd. to Abu Dhabi, United Arab Emirates-based Aabar Investments PJSC.

Aabar Investments has agreed to pay 307 million Swiss francs ($253.6 million) for the Zurich-based private bank. In addition, Aabar will assume certain loans outstanding at closing of the transaction, up to an aggregate maximum of 100 million Swiss francs ($82.6 million).

With offices in Zurich, Hong Kong, Taipei, Shanghai and Singapore, the bank provides wealth management services to high net worth individuals in Switzerland, Western and Eastern Europe, Asia and the Middle East.