Royal Bank of Canada (NYSE:RY) has received approval from its home country's Competition Bureau to acquire Ally Financial's Canadian auto financing and deposit unit, and its associated assets. The bank had announced the acquisition of the unit last September in a $3.7 billion deal with the U.S.-based lender's main shareholder, the U.S. Treasury Department. This followed an announcement by Treasury that it would attempt to sell the company's international assets.

The Competition Bureau said in its decision that the deal "was not likely to lead to a substantial lessening or prevention of competition" on the domestic market.