Goldman Sachs Bank USA acquired the online deposit platform of GE Capital Bank and assumed approximately $16 billion of deposits.

“We are committed to providing our new online deposit customers the high level of service they have come to expect,” said Esta Stecher, CEO of GS Bank. “GS Bank will continue to offer smart, simple savings products backed by the skilled and knowledgeable team joining us from GE Capital Bank.”

The closing of the transaction, including the transition of customer deposits, followed regulatory approvals from the U.S. Federal Reserve Board, the New York State Department of Financial Services and the Utah Department of Financial Institutions.

“This transaction increases the funding diversification and strengthens the liquidity profile of Goldman Sachs and GS Bank,” said Robin Vince, treasurer of The Goldman Sachs Group. “We are pleased to add the capability for accepting online deposits, a strategic priority for the firm and for GS Bank.”

“With this sale, we are now in a position to fully exit the U.S. banking system by extinguishing our final U.S. bank charter and terminating our FDIC insurance, which we are targeting to complete by the end of this week,” GE Capital CEO Keith Sherin said in a statement.

The sale is part of GE’s plan to divest most of GE Capital’s assets to focus on its industrial segments. The company plans to keep financial verticals directly related to the industrial business.