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Canada: Bank merger doubles size of auto lending business

By  |  February 11, 2013

According to reports, Canada’s Competition Bureau has giving the green-light to the Royal Bank of Canada to buy auto financing company Ally Financial. The deal, worth about $3.7 billion according to RBC, officially closed last week but was first announced last October. The deal reportedly doubles RBC’s commercial auto lending business. Ally has also announced plans to sell international operations to repay bailout money given by the US government.

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    Full Content: Reuters

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