Perella Weinberg has been appointed to advise the U.S. Treasury on the initial public offering (IPO) of Ally Financial, Financial Times reports. The independent investment bank will be responsible for representing the interests of the U.S. government in the offering.

The Treasury owns about 74% of Ally after investing $17.2 billion into business during 2008 and 2009. Ally is also in discussion with about 10 banks as possible underwriters for the IPO, which could value Ally at between $8-15 billion.

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