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Ally near deal to sell Canadian operations to RBC: report

Ally Financial Inc, the U.S. auto lender 74 percent owned by the U.S. Treasury, is near a deal to sell its Canadian operations to Royal Bank of Canada (RY-T) for more than $4 billion US, CNBC reported on Monday, citing people familiar with the matter.

A deal could be announced as early as Monday, but talks are fluid, CNBC said.

Ally, the former auto lending arm of General Motors Co (GM-N), announced plans in May to sell its international operations in an effort to speed up repayment of government bailouts it received during the financial crisis.

The lender last week agreed to sell its Mexican insurance business to insurance and reinsurance company ACE Ltd for $865 million in cash.

RBC spokeswoman Rina Cortese declined to comment. Ally did not immediately respond to a request for comment.

Ally, once known as GMAC, has been trying to turn around its business by focusing on U.S. auto lending and banking and by shedding its Residential Capital mortgage unit, which filed for bankruptcy.

Ally's international operations have drawn interest from more than 15 bidders, including banks and GM, a source familiar with the matter told Reuters last month. CTV Two CTV News CTV News Channel BNN - Business News Network CP24