Ally Financial Files Registration Statement With the Securities and Exchange Commission for a Proposed Initial Public Offering

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Mar 31, 2011, 11:09 ET

DETROIT, March 31, 2011 /PRNewswire/ -- Ally Financial Inc. today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering. The offering will consist of common stock to be sold by the U.S. Department of the Treasury. The number of shares to be offered, the price range, and timing for the proposed offering have not yet been determined.

Citigroup Global Markets Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC, and Morgan Stanley & Co. Incorporated are acting as the joint global coordinators and joint book-running managers of the offering. When available, copies of the preliminary prospectus relating to the offering may be obtained for free by visiting the SEC website at http://sec.gov. Alternatively, the preliminary prospectus may be obtained by contacting:

Citi, Attention: Prospectus Department, Brooklyn Army Terminal, 140 58th Street, 8th floor, Brooklyn, New York 11220, telephone: 800-831-9146, e-mail: [email protected]

Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 1-212-902-9316 or by e-mailing [email protected]

J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone 1-866-803-9204

Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone 1-866-718-1649, or by sending e-mail to [email protected]

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Ally Financial Inc.

Ally Financial Inc. (formerly GMAC Inc.) is one of the world's largest automotive financial services companies. The company offers a full suite of automotive financing products and services in key markets around the world. Ally's other business units include mortgage operations and commercial finance, and the company's subsidiary, Ally Bank, offers retail banking products. With more than $172 billion in assets as of Dec. 31, 2010, Ally operates as a bank holding company.

Contacts:

Gina Proia
646-781-2692
[email protected]

Jim Olecki
212-884-7955
[email protected]

SOURCE Ally Financial