Wells Fargo Buys GMAC’s Factoring Business

San Francisco-based banking giant Wells Fargo & Co. this week has agreed to acquire certain assets of GMAC Commercial Finance, specifically the company’s North American factoring portfolio.
Wells Fargo Buys GMAC’s Factoring Business
3/25/2010
Updated:
12/10/2010
San Francisco-based banking giant Wells Fargo & Co. this week has agreed to acquire certain assets of GMAC Commercial Finance, specifically the company’s North American factoring portfolio.

GMAC is the bailed-out auto finance company, once owned by General Motors Co. Financial terms of the deal were not disclosed.

GMAC’s factoring business provides accounts-receivable financing to small and medium sized businesses across North America. The business has been one that GMAC has attempted to sell over the past year.

The U.S. federal government has given GMAC approximately $16.3 billion in bailout aid.