Ally reportedly picks IPO underwriters

By Associated Press
Posted Feb. 4 at 1:24 p.m.

Ally Financial, the former General Motors finance arm that was bailed out by U.S. taxpayers, has selected four investment banks to handle an initial public stock offering.

People familiar with the plans say the stock sale will be led by Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley. The people spoke Friday on condition of anonymity because they were not authorized to speak publicly about the plans.

The Treasury Department and Ally Financial, which was previously called GMAC, declined comment.

The government owns 74 percent of Ally because of a $17.2 billion bailout during the financial crisis, and Treasury wants to get at least part of its money back through a stock sale.

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