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.
Florida Citizens Awards Commercial Clearinghouse Management to Bridge Specialty 
Viewpoint: Reinsurance Market to Experience Further Softening, M&A on Ample Capacity 
FBI Investigating Possible Exposure of Millions of American IDs 
OpenAI Top Scientist Urges ‘Extreme Caution’ With Pace of AI From This Issue
