RBC Joins TD in Buying Spree Before Canada Lending Slowdown

Royal Bank of Canada and Toronto-Dominion Bank announced purchases today of almost $20 billion in combined assets from U.S. companies to bolster profit ahead of a slowdown in domestic consumer lending.

Royal Bank, the nation’s largest lender, plans to buy Ally Financial Inc.’s Canadian auto-finance and deposit business in a deal that Ally said will generate $4.1 billion for the Detroit-based lender. Toronto-Dominion agreed to acquire Target Corp.’s $5.9 billion U.S. credit-card portfolio for an amount equal to the gross value of the outstanding loans at the time the deal is completed, the firms said.