Am Trust Fi­nan­cial Ser­vices inks ac­cord with Care Plan

The Pak Banker - - Front Page -

NEW YORK: Am Trust Fi­nan­cial Ser­vices Inc an­nounced to­day that one of its wholly owned sub­sidiaries has en­tered into an agree­ment to ac­quire Car Care Plan Lim­ited from Ally In­sur­ance Hold­ings Inc. ("Ally") for ap­prox­i­mately $70 mil­lion. The Com­pany ex­pects to fund the pur­chase us­ing ex­ist­ing work­ing cap­i­tal. CCPH has to­tal as­sets in ex­cess of $360 mil­lion. Over the next year, CCPH is pro­jected to gen­er­ate rev­enue for the Com­pany in ex­cess of $140 mil­lion in­clud­ing fee in­come of more than $30 mil­lion and pre-tax prof­its of over $14 mil­lion. CCPH, a wholly owned sub­sidiary of Ally, pro­vides in­sur­ance and ad­min­is­tra­tive ser­vices to ma­jor auto man­u­fac­tur­ers for auto ex­tended war­ranty, guar­an­teed as­set pro­tec­tion (GAP).

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