Royal Bank of Canada, the country’s biggest bank, has grown its consumer lending business with the acquisition of Ally Credit Canada Ltd., an upstart that mocked big banks in its marketing campaigns.
The deal, which closed February 1, almost doubles the size of RBC’s commercial auto lending business. Ally Credit Canada was a unit of Ally Financial Inc., the former General Motors Acceptance Corporation (GMAC). Ally Credit Canadawhich itself was previously known as GMAC Canadaprovided financing to almost 600 car dealerships. Its consumer business had about 450,000 outstanding loans. Shortly after the deal closed, RBC told consumers that it would shut down Ally Credit Canada’s high-interest savings accounts at the end of April. The accounts offered high interest rates and no monthly fees or minimum balance.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
