General Motors is no longer interested in buying a majority stake in the customer financing arm of partner Fiat, a spokesman for GM Europe told Reuters yesterday.

Reuters said GM, which owns 20% of Fiat’s carmaking arm Fiat Auto, had first refusal on a 51% stake in Fidis which Fiat is selling as part of a debt-slashing drive.

Fiat’s creditor banks, including Capitalia, Sanpaolo IMI and IntesaBci, have agreed to buy the stake if GM was not interested, Reuters said, adding that Fiat chairman Paolo Fresco has said several financial institutions were also interested.