Tuesday, June 8, 2010

Ford Motor Co. To Open a Bank

Ford Motor Company (F on the NYSE) is applying for a licence to operate a bank in Canada. The Ford Credit Bank and will be based in Oakville, Ontario., this according to a notice published yesterday in the government's official regulatory publication, the Canada Gazette.

The bank will be used to issue GICs (fixed income in Canada) to generate sources of funding for the Ford.

Ford was of course the only major U.S. automaker to avoid bankruptcy and avoided all the financing mess the other auto companies got themselves into.

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