Ally Financial sells stake in Chinese joint venture to GM

Mon Jan 5, 2015 9:26am EST
 
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NEW YORK (Reuters) - Ally Financial Inc (ALLY.N: Quote) 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: Quote) 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.

(Reporting by Peter Rudegeair; Editing by Meredith Mazzilli)

 
General Motors World Headquarters is seen in downtown Detroit June 10, 2014.  REUTERS/Rebecca Cook