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.
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