Ally Financial Inc., formerly GMAC Financial Services Inc., is diversifying its client base as General Motors Co. prepares to buy independent subprime lender AmeriCredit Corp. this year.
GM's purchase of the subprime lender will have little impact on Ally's plans for an initial public offering, Ally CEO Michael Carpenter told analysts last week. He said an IPO is "within our sights in 2011."
Carpenter said Ally's partnership with GM remains strong. GM intends to build a captive finance company from the AmeriCredit platform, possibly withdrawing business from Ally.