Ally to sell Europe, Latin America operations to GM
Nov 21 (Reuters) - Ally Financial said it will sell its Europe and Latin America operations to a unit of General Motors Co for about $4.2 billion.
Ally, which is 74 percent owned by the U.S. government, announced in May a plan to sell its international operations in a bid to speed up repayment of taxpayer money.
Ally agreed to sell its Canadian auto finance and deposit business to Royal Bank of Canada for $4.1 billion and its Mexican insurance unit to ACE Ltd for $865 million last month.
Reuters reported earlier this month that Ally was nearing a deal to sell its Europe and Latin America operations, with GM emerging as the leading bidder.