Patagonia Purchases GMAC Argentina

Argentina’s Banco Patagonia has acquired GMAC Cia. Financiera for $23m in cash, it says in a statement to the local securities’ commission, adding that the transaction will allow it to enter the automobile financing business. GMAC’s Argentina unit has ARP548m in assets and a loan volume of ARP378m. The company does not say if there were financial advisors.