Ally Financial has completed the sale of its Brazil operations.
The Detroit-based lender sold its Brazil operations to General Motors Financial Co., a subsidiary of the automaker GM, it said. Ally (which was once itself a GM subsidiary) received $611 million in the sale.
Ally, which is majority owned by the federal government, has nearly finished selling its international operations, through a series of deals that have raised about $8.3 billion, said Chief Executive Michael Carpenter in a statement. This is about 90% of the proceeds Ally expects from the sale of its foreign businesses, it said.
"As a result of substantial progress on our strategic plans, Ally is in a much stronger position today to further strengthen its domestic franchises and advance its efforts to repay the U.S. taxpayer," Carpenter said.
Ally agreed last year to sell its Latin American operations to GM Financial, and the sale of the Brazilian business completes the series of transactions.
Over the last several years Ally has been divesting its noncore businesses to focus on domestic auto lending, and has been seeking to raise capital to repay the $17.2 billion bailout it received during the financial crisis.