Argentine bank Banco Patagonia has bought the local unit of Detroit-based lender GMAC, the former financing arm of General Motors.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
