Go to the Globe and Mail homepage

Jump to main navigationJump to main content

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.

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.

Report Typo/Error

Next story




Most popular videos »

More from The Globe and Mail

Most popular