The banking arm of GMAC has
rebranded itself Ally Bank in an effort to distance itself from its
General Motors/Cerberus Capital owned parent.
GMAC chief executive Alvaro de Molina said in
a statement: “We are launching a new brand with a new approach of
treating customers with total transparency.”
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To highlight the name change, Ally kicked off
an integrated marketing campaign including television, print and
online ads promoting the bank’s savings products.
“The world doesn’t need another bank, it needs
a better bank. We recognise that there are pain points associated
with the traditional banking process. This campaign highlights the
areas of banking that are unfair to consumers and offers an
attractive savings alternative,” said Sanjay Gupta, GMAC’s chief
marketing officer.
GMAC became a bank holding company last
December in order to qualify for a federal government bailout of $6
billion.
In the first quarter, GMAC’s losses rose 15
percent to $675 million compared with $589 million in the same
period last year.
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