Global financial and insurance giant, the American International Group, (AIG) has signed an agreement to build a large-scale international finance center in western Seoul.

Seoul City mayor Lee Myung-bak signed the deal with AIG chairman Maurice Greenberg on Thursday.

Under the agreement, AIG will invest 800 million dollars to build three 45-story buildings on Yeouido Islet on the Han River.

Construction is to start early next year with completion set for the end of 2009.

The financial complex will house offices for multinational companies and financial firms along with hotels, convention centers, shopping malls and multi-plex theaters and so forth.

The Seoul government is to lease the site for the financial center to AIG for 99 years.