The renaming of the bank seems to be a timely effort to distance it from its distressed auto finance parent, GMAC LLC.
Al de Molina, GMAC Chief Executive, said: “We are launching a new brand with a new approach of treating customers with total transparency.
Sanjay Gupta, GMAC’s Chief Marketing Officer, said: The name Ally aptly fit the character of the brand.
GMAC will utilize the new image to attract retail deposits, which will be a vital funding source during the ongoing credit squeeze.
The bank has launched a website, allybank.com, and will offer a variety of savings products.
