OTHER NEWS

Times Staff and Wire Reports

GM Unit, Others Buy Interest in Polbank: General Motors Acceptance Corp., together with Polish-American Enterprise Fund and Polish Private Equity Funds I & II managed by Enterprise Investors, purchased a controlling interest in Polbank. The General Motors Corp. unit said that under its new ownership, the bank will continue its traditional business and will offer automobile financing to Opel dealers and their customers in the Polish market. The Warsaw-based bank was founded in 1992 as Bank Ogrodnictwa Hortex and became Polbank in 1994. A new name and product offering are expected later this year. GMAC, known widely in Europe as Opel Bank or Opel Credit, provides retail and wholesale automotive financing and leasing.

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