The Bureau will not challenge Royal Bank of Canada’s acquisition of Ally Credit Canada Limited, ResMor Trust Company, and certain Canadian affiliates. The transaction involves Ally Canada’s business in consumer and commercial automobile financing and personal banking.
The Bureau’s review focused on various product markets including, indirect consumer automobile financing; subvention financing; floor plan financing; personal core deposits; and Guaranteed Investment Certificates. The Bureau concluded that competition would not be substantially lessened or prevented, in part, because RBC’s post-transaction market shares in the relevant markets would be modest.
Read the Bureau’s press release.