Argentina's Banco Patagonia has acquired GMAC Compania Financiera for an undisclosed sum, Reuters reports. The local unit of GMAC has assets worth $142 million and a loan portfolio of $92 million.

The acquisition allows Banco Patagonia to enter the business related to the car industry. GMAC is former financing arm of General Motors and is now the preferred financer to buyers of GM and Chrysler.

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