GMAC to Sell Receivables Factoring Business in Poland to SEB

GMAC Commercial Finance (GMAC CF) announced today that it has agreed to sell 100 percent of its shares in GMAC CF Sp. z o.o (CF Poland) to North European financial group SEB (Skandinaviska Enskilda Banken AB). CF Poland is a factoring and promissory note discounting operation based in Warsaw, Poland.

The sale of CF Poland, which is expected to be completed by July 31, 2008, will allow GMAC CF’s European Operations to centralize its European operations in the United Kingdom.
  
“The sale of this business is a positive outcome for GMAC CF as it allows us to better focus our capital and senior leadership attention on growing our UK-based core European structured finance, invoice discounting and factoring businesses,” said Gordon Titley, president, GMAC CF European Operations.

SEB will retain the existing Poland management team and its employees, and the business will be integrated into SEB’s existing operation in Poland.

About GMAC Commercial Finance
GMAC CF is part of GMAC Financial Services, a global, diversified financial services company that operates in approximately 40 countries in automotive finance, real estate finance, insurance and commercial finance businesses. GMAC was established in 1919 and employs approximately 26,700 people worldwide. GMAC CF, with a presence in over 23 cities worldwide and a loan portfolio in excess of $5 billion, has become one of the most trusted sources of capital for the middle-market businesses it serves. Through its three operating divisions, it provides a full breadth of leveraged finance products in and between North America and Europe, as well as global factoring and accounts receivable finance. Loan facilities are in the $5 million to $500 million (USD) range. Learn more at www.gmaccf.com.