An application by General Motors to move into banking by setting up a federal thrift was approved on April 20 by U.S. regulators. The world’s largest automaker already had a solid presence in financial services through General Motors Acceptance Corp.’s auto-lending and home loan unit GMAC Mortgage Corp. Its new foray into banking will allow GM to offer a broad range of consumer banking products including checking and savings accounts, certificates of deposit and ATM machines. The new institution will be called GMAC Bank, based in Wilmington, Del.
Was this article valuable?
Here are more articles you may enjoy.
Experian Launches Insurance Marketplace App on ChatGPT 
CFC Owners Said to Tap Banks for Sale, IPO of £5 Billion Insurer 
The $10 Trillion Fight: Modeling a US-China War Over Taiwan 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ From This Issue
