Ally financial to sell Mexican insurance business to ACE
Auto lender Ally Financial, which is 74 percent-owned by the US government, will sell its Mexican insurance business to insurance and reinsurance company ACE Ltd for $865 million in cash as it looks to focus on its US operations.
Ally Bank, the direct banking subsidiary of Ally Financial Inc., today announced that it completed the sales of approximately $115 billion in unpaid principal balance of agency mortgage servicing rights to Ocwen Financial Corp. and Quicken Loans, Inc. In total, Ally Bank has received approximately $850 million in proceeds for the transactions.