Argentine bank Banco Patagonia has bought the local unit of Detroit-based lender GMAC, the former financing arm of General Motors.

The Argentine branch of GMAC had assets worth 548m pesos (US$142m) and a loan portfolio of 378m pesos, the bank said in a statement cited by Reuters, but did not say how much it had paid for GMAC Compania Financiera.

"For Banco Patagonia, this deal allows us to enter the business linked to the car industry," the statement said.