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GM Reportedly Plans To Seek Banking Charter To Grow Auto-finance Business

General Motors Co (GM) is preparing plans to apply for a banking charter that would allow its lending unit to accept deposits and expand its auto-finance business, the Wall Street Journal reported, citing people familiar with the matter.

The automaker's finance arm, General Motors Financial Company Inc, reportedly has been talking to federal and state banking regulators for months about forming an industrial loan company.

The auto maker could file paperwork with federal and state regulators as soon as next month, the report said.

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