Ally Financial sells stake in Chinese joint venture to GM

By

Ally Financial Inc (ALLY.N) said on Monday that it completed the sale of its stake in a joint venture with a Chinese auto lender to General Motors Co (GM.N) for $1 billion.

Ally, the largest U.S. auto lender and former in-house financing arm of GM, expects the sale of its 40 percent interest in SAIC-GMAC Automotive Finance Company Limited to boost first-quarter profits by around $400 million after taxes.

Tags
General Motors

© Reuters All rights reserved.

Join the Conversation

Real Time Analytics