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Treasury Plans Ally Preferred Shares Sale

The U.S. Treasury Department may sell Ally Financial’s trust-preferred securities.

The U.S. Treasury Department may sell Ally Financial’s trust-preferred securities, The Wall Street Journal reports. The department, which holds $2.7 billion in Ally trust-preferred securities, did not disclose the amount of securities to be sold or when the sale would occur.

The sale will not include any of Treasury’s current holdings of 74% of the shares of Ally’s common stock. Citigroup, Deutsche Bank, JP Morgan and Morgan Stanley will manage the IPO of Ally, which was formerly the financing arm of General Motors.

Click here for the story from The Wall Street Journal.

Click here for additional coverage from Bloomberg.

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