Royal Bank discuss to buy Canadian assets of GMAC

Royal Bank (TSX: RY) participate in discussions in order to redeem the activities of the former Canadian finance division of General Motors, said Monday the American chain specializing in business CNBC, citing sources.

According to CNBC, TD Bank (TSX: TD) and Royal have filed bids for the assets, but it was not clear whether TD could surpass the most recent offer from the Royal Ally Canada.

Royal Bank refused to comment and representatives of Ally were not immediately available for comment.

Ally Financial, a lender for automobile purchases and mortgages, is the former financing arm of automaker General Motors.

The U.S. government rescued the company, then known as GMAC, as part of its program of assistance to the automotive industry.