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Ally selling international Ops in Canada, Europe and Latin America! | Deal Insight

WASHINGTON - OCTOBER 8:  Bank of America logo ...

WASHINGTON – OCTOBER 8: Bank of America logo cookies sit on an empty table while Brian Moynihan, Chief Executive Officer of Bank of America, speaks during a luncheon at the National Press Club Club October 8, 2010 in Washington, DC. Moynihan, CEO of the largest bank in AMerica, spoke about the economy, the bank and Bank of America’s recent stop on all foreclosure proceedings and sales of foreclosed homes. The bank said October 8, that it would halt alll foreclosures nationally because of cocerns about problems with paperwork. (Image credit: Getty Images via @daylife)

Ally’s domestic ops are those really adding to the woes of the car loan specialist earlier known as GMAC and sold to Cerberus and AmTrust in 2010 by GM. The firm has a portfolio of bundled mortgage securities in the Mid West. The last stake of Ally sold by GM was in 2011 to Cerebrus but GM still holds upto 10% of the loan company. Of course the stakes sold in Ally are minus the Treasury’s 73.8% ownership of the lending company according to a hobby article at Silver)

Apparently GM itself is among the 15 odd Financial bids received by Ally for its European and all non US operations, GM being interested in the $16B portfolio in LatAm and Europe. This leaves Mexico and Canada Ops in the operations ending up with new owners. Ally has earlier been rebranding its online operations but on ground it would probably still get more new business under the old umbrella.

GM has $15B of assets in Canada as of May when the sale was noted and auto insurance in Mexico. 30% of GM new cars in 2012 have apparently been financed by Ally and the Volt failure has not set back GM’s plans to consolidate that arm into its mainline business again to reactivate auto lending as “GMAC” was. TD’s purchase of Chrysler lending business in the Northern American cousin states of Canada rules out further interest from TD ameritrade which also bought BofA credit card business in Canada

TD sold its insurance business in the US recently as last month. Royal Bank of Canada is the other suitor for the Canadian ops. HSBC has been earning a lot of group profits from its growing NBFC businesses in Mexico while Santander Mexico has just completed its IPO in Mexico independently. NY Life has also recently disposed off its Mexican operations for $285m to ACE


DEARBORN, MI - FEBRUARY 24:  New General Motor...

DEARBORN, MI – FEBRUARY 24: New General Motors vehicles are displayed at a General Motors dealership February 24, 2011 in Dearborn, Michigan. GM today reported a net income of $7.4 billion for 2010, its first yearly profit since 2004. (Image credit: Getty Images via @daylife)


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