Royal Bank to close accounts at newly acquired Ally Financial

TORONTO – Royal Bank of Canada is winding down the accounts and integrating operations at Ally Financial after acquiring the Canadian auto finance and deposit business earlier this month.

The bank said customers will no longer be able to open new accounts with Ally effective immediately.

It also plans to close down high-interest savings accounts that were operated by Ally on April 30.

Royal Bank (TSX:RY) completed the $1.4-billion acquisition of Ally after it received approval from the Competition Bureau earlier this month.

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