CORRECTED-Canada competition bureau OKs RBC purchase of Ally unit

(Corrects deal value to $4.1 billion from $14.1 billion)

OTTAWA Feb 8 (Reuters) - Canada's competition watchdog gave the green light on Friday to Royal Bank of Canada's plans to buy the Canadian auto finance and deposit arm of Ally Financial Inc for $4.1 billion.

"The Bureau concluded that the proposed transaction was not likely to lead to a substantial lessening or prevention of competition for several reasons, including the fact that RBC's post-transaction market shares in the relevant markets would be modest, and that there would be sufficient remaining competition," the Competition Bureau said in a statement.

The deal is also subject to approvals by the finance ministry and the bank regulator, the bureau said. (Reporting by Louise Egan; Editing by Janet Guttsman)