Ally Financial is a bank holding company with 15 million customers worldwide. As a global financial services institution, Ally's business operations include automotive finance, mortgage operations and commercial finance. The company changed its name from GMAC Financial in 2010.
The company also offers retail banking products through its online bank, Ally Bank.
In the first half of 2010, Ally Financial was the number one provider of car financing in the U.S. It helps finance cars for customers of GM and Chrysler.
Founded in 1919 as a wholly owned subsidiary of General Motors Corp., GMAC was established to provide GM dealers with the financing necessary to acquire and maintain vehicle inventories and to provide customers a means by which to finance vehicle purchases. The company's products and services have since been expanded and now include three primary lines of business: automotive financing, real estate financing and insurance.
On Nov. 30, 2006, GM sold a 51 percent controlling interest in GMAC to a consortium of investors led by private equity firm Cerberus Capital Management, and included Citigroup Inc., Aozora Bank Ltd. and a subsidiary of The PNC Financial Services Group.
In December 2008, GMAC converted to a bank holding company which makes it eligible for funding from the U.S. Treasury to assist ailing banks.
The company cut its workforce by 930 employees this year through restructuring that included merging a number of separate business offices into five regional business centers located in the areas of Atlanta, Chicago, Dallas, Pittsburgh and Toronto.
In May 2009, GMAC relaunched its online banking division as Ally Bank with FDIC deposits guaranteed up to $250,000.
* 1919: Branches open in Detroit, New York, Chicago, San Francisco and Toronto.
Updated September 16, 2010