Ally Financial is to drop the GMAC brand in
the US, Canada and Mexico from August in favour of the Ally
moniker.
“The move to the Ally name allows us to invest
in a brand that we own and can build upon for the long term,” said
Ally president Bill Muir.
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“An ally is someone you rely on to support you, and our
new brand embodies our 90-year heritage as a trusted finance source
for the automotive industry.”
The banking arm of GMAC rebranded itself Ally Bank in 2009 in an
effort to distance itself from its troubled General Motors parent,
as it ramped up efforts to capture retail deposits.
Ally – 56% owned by the US Treasury – posted
first quarter net income of $162m at its banking unit compared to a
net loss of $675m for the first quarter of 2009.
Total assets at Ally Bank were $55.2 bn at the
end of the first quarter.
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