GM’s Finance Arm Runs Online Bank – Wall Street Journal

11 months ago Comments Off on GM’s Finance Arm Runs Online Bank – Wall Street Journal

General Motors Co.’s finance unit is running an online bank in Germany, taking retail deposits online through a subsidiary there, in a move to lower its funding costs and boost profitability of its auto-lending operation.

The move, which started last September, allowed the auto maker raise $1.3 billion in new funding during its fourth quarter, according to a recent regulatory filing, and lessened GM Financial’s reliance on pricier,…

GM’s Finance Arm Runs Online Bank – Wall Street Journal}