Royal Bank winds down accounts at Ally Financial

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TORONTO - Royal Bank of Canada (TSX:RY) says it will close down high-interest savings accounts at its recently acquired Ally Financial business in April. The bank says customers will also no longer be able to open new accounts with Ally effective immediately. The $1.4-billion acquisition of Ally's Canadian auto finance and deposit business received approval from the Competition Bureau earlier this month.

Organizations: Royal Bank of Canada, TSX, Competition Bureau

Geographic location: TORONTO

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