Struggling U.S. lender Ally Financial Inc. is auctioning off its Canadian banking division as part of the sale of more than $30-billion (U.S.) worth of international assets as it seeks to relieve mounting financial pressure.
Among the buyers now circling the assets is General Motors Co., which is said to want the business so that it can have a so-called captive finance arm to provide car loans to customers in Canada and elsewhere. In this country, GM competes with rivals such as Ford Motor Co. that already have their own financial units.
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