GMAC might sell factoring commercial operation to Wells Fargo: inform

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A U.S. dwindle flies on top of Wells Fargo Co domicile in San Francisco, California, Apr 22, 2009.

Credit: Reuters/Robert Galbraith

(Reuters) - U.S. automobile financial association GMAC Financial Services might sell the factoring commercial operation section to Wells Fargo Co (WFC.N), Bloomberg said, citing dual people with approach believe of the matter.

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The sale might be voiced on Wednesday, one of the people told the agency.

GMAC mouthpiece Gina Proia told Reuters that she has no criticism on the report.

The factoring commercial operation will be integrated in to Wells Fargo Trade Capital, according to the agency.

Factoring companies typically yield income worth less than the full worth of the receivables, earning their cut when the income eventually comes in from the customer.

GMAC, majority-owned by the U.S. government, is seeking to sell units to concentration on automobile financing after mixed supervision bailouts.

On Mar 12, a source told Reuters that GMAC has hired Goldman Sachs (GS.N) to suggest it on a probable sale of Residential Capital, the uneasy debt unit.

Wells Fargo could not be rught away reached for criticism by Reuters outward unchanging U.S. commercial operation hours.

(Reporting by Sakthi Prasad in Bangalore; Editing by Muralikumar Anantharaman)

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