TORONTO -- Ford Motor Co. will seek a license to operate a bank in Canada that would offer guaranteed investment certificates to institutional investors through brokers, the company said.
The company still would provide dealer and customer financing in Canada, but getting a bank charter would give it a new funding avenue through deposits insured by Canada Deposit Insurance Corp., a Ford Motor Credit spokeswoman told Reuters.
A notice posted on a Canadian government Web site said the bank would be called Ford Credit Bank and be based in Oakville, Ontario.
