GMAC Approved As Bank Holding Company

GMAC Financial Services says its application to become a bank holding company has been approved by the Board of Governors of the Federal Reserve System. In addition, GMAC Bank has received approval from the Utah Department of Financial Institutions to convert to a state bank.

As a bank holding company, GMAC will have expanded opportunities for funding and access to capital, which the company says will provide increased flexibility and stability.

SOURCE: GMAC

LEAVE A REPLY

Please enter your comment!
Please enter your name here