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NEW YORK (Reuters) – Ally Financial is weighing a sale of all or part of its auto lending and banking businesses, as an initial public offering looks increasingly remote and the U.S. government seeks to recoup some $17 billion in bailout money, sources familiar with the situation said.
Ally, which is 73.8 percent owned by the U.S. government, is already in the process of selling its mortgage unit, Residential Capital, and sale of other assets could happen even as that continues, one of the sources said.
The logical universe of buyers for Ally’s core operations include big banks such as JPMorgan Chase Co (JPM.N), Toronto-Dominion Bank (TD.TO) and Wells Fargo Co (WFC.N), as well as auto makers such as General Motors Co (GM.N), the sources said.
The discussions on whether to sell the auto lending operations or its online bank are at very early stages, the sources said. They said no decisions have been made on
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