AP Source: Ally Financial meets with banks on IPO AP Source: Ally Financial meets with investment bankers this week to choose team for IPO

AP Source: Ally Financial meets with banks on IPO

AP Source: Ally Financial meets with investment bankers this week to choose team for IPO

DETROIT (AP) -- A person briefed on the matter says Ally Financial Inc. is meeting with investment bankers this week to choose the team that will handle the initial public stock offering for the former financing arm of General Motors.

Ally is now 74 percent owned by the U.S. government because of a $17.2 billion bailout during the financial crisis. The government is hoping to get some of its money back with an IPO.

The person says bankers are making presentations to Ally on Wednesday and Thursday to get the underwriting business. The person says banks will make suggestions about the size and timing of any stock offer. The person did not want to be identified because the plans are not public.