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"Ford Credit's focus today is the same as in 1959 -- putting people around the world into new Ford cars and trucks," Mike Bannister, Ford Credit chairman and CEO, said in a statement.
Dearborn-based Ford Credit has about 9,000 employees and a loan and lease portfolio of about $100 billion.
However, Ford's financing arm has faced challenges. In January, the company announced plans to cut about 20 percent of its U.S. staff, or about 1,200 jobs, as part of a restructuring plan.
Ford Credit also is still waiting on word from Federal Deposit Insurance Corp. to rule on its application for a subsidiary to become an industrial bank. Becoming an industrial bank would allow Ford Credit to operate as a federally insured financial institution that can take deposits.
Still, Ford Motor Credit remains wholly owned by Ford -- unlike GMAC Financial Services. In May, GM significantly reduced its holdings in GMAC when it became a bank-holding company.
Chrysler Financial still exists as a stand-alone company, but its status as a preferred lender for Chrysler was transferred to GMAC earlier this year as part of Chrysler's bankruptcy case.
Contact BRENT SNAVELY: 313-222-6512 or bsnavely@freepress.com.
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