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Stock impact report

PayPal moves to establish US bank, expanding deposits and loans [Yahoo! Finance]

Ally Financial Inc. (ALLY) 
Last ally financial inc. earnings: 4/20 07:30 am Check Earnings Report
US:NYSE Investor Relations: ally.com/about/investor
Company Research Source: Yahoo! Finance
While the San Jose-based company already provides small-business lending through products such as PayPal Working Capital, it does so primarily by partnering with banks and using third-party balance sheets. Establishing PayPal Bank would allow the company to fund loans more directly, hold deposits and operate with greater control and efficiency, rather than relying as heavily on external banking partners. "Securing capital remains a significant hurdle for small businesses striving to grow and scale," Alex Chriss, the president and CEO, said in a statement. "Establishing PayPal Bank will strengthen our business and improve our efficiency, enabling us to better support small business growth and economic opportunities across the US," he continued. PayPal, which already has a banking licence in Luxembourg, said it also expects to offer interest-bearing savings accounts to customers. Related The Big Question: Can Revolut continue to grow without a French banking licence? Ital Show less Read more
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