Ally Financial sells stake in Chinese joint venture to GM

Reuters
General Motors World Headquarters is seen in downtown Detroit June 10, 2014. REUTERS/Rebecca Cook

NEW YORK (Reuters) - Ally Financial Inc said on Monday that it completed the sale of its stake in a joint venture with a Chinese auto lender to General Motors Co for $1 billion. Ally, the largest U.S. auto lender and former in-house financing arm of GM, expects the sale of its 40 percent interest in SAIC-GMAC Automotive Finance Company Limited to boost first-quarter profits by around $400 million after taxes. (Reporting by Peter Rudegeair; Editing by Meredith Mazzilli)