Between now and the end of the year its UK and continental European businesses will transition to form an international Asset Management Company. It says it will not be lending new loans for the foreseeable future.
GMAC-RFC will now be responsible for managing over £16bn of assets across four servicing platforms in the UK, Netherlands, Germany and Spain.
It says it will focus on preserving quality and marketability of the assets. As a result there will be a workforce reduction of approximately 130 roles in the UK business, including all of its sales staff.
Simon Knight, who will remain as chief executive of the new company says: “While we have announced today this change of strategy, we retain our desire to lend in the UK and will continue to seek opportunities to do so, but given market conditions our priorities must change.”