RBC completes acquisition of Ally's Canadian automotive finance business
On February 1, 2013, Royal Bank of Canada (RBC) announced it completed the acquisition of the Canadian automotive finance and deposit business of Ally Financial Inc. (Ally Financial) for total consideration of C$3.7 billion.
The acquisition positions RBC as a leader in the Canadian automotive financing business, with Ally Financial's Canadian team joining the existing RBC team to form RBC Automotive Finance, a part of the Personal and Commercial Banking segment of RBC. It provides financial services, including floor plan financing, directly to auto dealers and also offers financing for consumers through dealerships.
Further information can be found on the websites of Canada Newswire and Mergermarket.
RBC is one of North America's leading diversified financial services companies providing banking, wealth management, insurance and capital markets services on a global basis.
Ally Financial is a leading automotive financial services company, offering financial services and insurance products to automotive dealers and their retail customers.