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RBC Near $4 Billion Deal to Buy Ally Canada Unit, CNBC Says

RBC Said to Be Lead Bidder in Talks to Buy Ally’s Canada Unit
Royal Bank Chief Executive Officer Gordon Nixon , 55, has said the lender would explore “strategic acquisitions” amid a slowdown in Canadian consumer lending. Photographer: Brent Lewin/Bloomberg

Oct. 22 (Bloomberg) -- Royal Bank of Canada, the nation’s largest lender by assets, is nearing a deal to buy Ally Financial Inc.’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 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 reporters on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net; Dakin Campbell in San Francisco at dcampbell27@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net

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