Royal Bank of Canada, the nation’s largest lender by assets, is nearing a deal to buy Ally Financial Inc. (ALLY)’s Canadian operations for more than $4 billion, CNBC reported, citing unidentified people familiar with the matter.
An agreement may be announced as soon as today, said the broadcaster, which reported Toronto-Dominion Bank (TD) is in the bidding as well. Katherine Gay, a spokeswoman for Toronto-based RBC, declined to comment, as did Gina Proia at Detroit-based Ally and Toronto-Dominion Bank spokesman Stephen Knight.
Royal Bank and Toronto-Dominion are among lenders that have shown interest in Ally’s Canadian operations, a person with knowledge of the matter told Bloomberg News last month. It’s unclear whether Toronto-Dominion will make a higher offer, CNBC said.
To contact the editor responsible for this story: David Scheer at email@example.com