Ally Commercial Finance To Join Ally Bank Unit
Ally Commercial Finance, a unit of Ally Financial Inc. that provides senior secured commercial-lending products to primarily U.S.-based, middle-market companies, announced that effective May 1 it will be aligned under Ally Bank, the direct banking subsidiary of Ally Financial.
In a press release the company said the move into Ally Bank “will provide a stable, competitive source of funds to support the continued success and growth of the business.” In conjunction with the move, the business will change its name to Ally Corporate Finance, to more closely reflect its current business objectives and customer base.
“Ally Corporate Finance has been a dependable and creative provider of financial solutions for our middle-market clients and the private equity community for over ten years,” said William Hall Jr., president and CEO of Ally Corporate Finance. “The move into Ally Bank provides us with a stable, highly competitive cost of funds in addition to the obvious benefits of being part of such a highly regarded banking franchise.”
Ally Corporate Finance’s principal products are secured, floating rate revolving lines of credit and term loans that generally have maturities of five to seven years. The business is headquartered in New York and has offices in major cities across the U.S.