Goodbye GM Bank. Hello Ally Bank. Yes Ally as in Allies, not Ally as in Ally McBeal. GMAC LLC’s name change to Ally Bank is effective today.
The reason for the name change? Executive hopes the name change will drive deposit growth. With a name like Ally?
Sanjay Gupta, GMAC’s chief marketing officer, said in a statement today:
“We certainly value our relationship with GM and GM continues to be an important customer. In addition to that, GMAC wants to grow as a bank holding company. The launch of Ally Bank provides a new platform to increase deposits.”
And why the name Ally?
“Ally conveys the sense of a trusted partner, the attributes we are trying to convey.”
Makes sense? Reportedly GMAC is owned by GM and private investors led by Cerberus Capital Management LP.