GMAC, the ailing consumer lender part-owned by General Motors, has applied to become a bank holding company in a bid to gain access to the US government's $700bn rescue fund for the financial industry.

GMAC said yesterday it had applied to the US Treasury for capital under the government's share purchase programme for banks, conditional on the success of its application for a bank charter. A charter would also grant GMAC eligibility to issue debt guaranteed by the Federal Deposit Insurance Corporation.