Argentina's Banco Patagonia buys local GMAC unit

Newswire

BUENOS AIRES, Aug 27 (Reuters) - Argentine bank Banco Patagonia said on Thursday it had bought the local unit of Detroit-based lender GMAC Inc, the former financing arm of General Motors Co [GM.UL]. The Argentine branch of GMAC had assets worth 548 million pesos ($142 million) and a loan portfolio of 378 million pesos, the bank said in a statement, without saying how much it had paid for GMAC Compania Financiera. "For Banco Patagonia, this deal allows us to enter the business linked to ...

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