The deal follows on from KeyCorp’s revelation in January that it was exiting the indirect automobile lending business. KeyCorp is a Cleveland-headquartered bank-based financial services company with assets of approximately $91 billion.
This action demonstrates the continued commitment of Bank of America to the auto industry and specifically to the growth of the retail indirect channel, said Tim Russi, president of Dealer Financial Services at Bank of America.
We continue to achieve growth in both our indirect retail and commercial business through organic growth and portfolio purchases. This purchase expands the depth and breadth of our presence in the Northeast and Midwest (US), which are both important expansion opportunities for Dealer Financial Services and Bank of America overall, Russi continued.
Bank of America Dealer Financial Services provides retail loan financing and a range of commercial banking services to dealers primarily in the automobile, marine and recreational vehicle industries across the US.
