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A Toronto branch of Royal Bank of Canada (MARK BLINCH/REUTERS)
A Toronto branch of Royal Bank of Canada (MARK BLINCH/REUTERS)

RBC near deal to buy U.S. auto lender Ally Financial’s Canadian unit: report Add to ...

Ally Financial Inc., the U.S. auto lender 74 per cent owned by the U.S. Treasury, is near a deal to sell its Canadian operations to Royal Bank of Canada for more than $4-billion (U.S.), CNBC reported on Monday.

Ally, the former auto lending arm of General Motors Co , announced plans in May to sell its international operations in an effort to speed up repayment of government bailouts it received during the financial crisis.

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The lender last week agreed to sell its Mexican insurance business to insurance and reinsurance company ACE Ltd for $865-million in cash. Ally is trying to turn around the company by focusing on U.S. auto lending and its Internet bank.

Neither Ally nor RBC was immediately available for comment.

 
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