The Federal Reserve has approved Goldman Sachs Bank USA (GS Bank) to assume substantially all the deposit liabilities and acquire certain limited assets from GE Capital Bank, Holladay, Utah, the industrial bank.

Under the proposal, GS Bank would assume approximately $17 billion of GE Capital Bank’s $18.2 billion in deposits. GS Bank would also acquire certain technology and intangible assets used by GE Capital Bank to manage its online retail deposit-taking platform; these assets represent approximately 1% of the total assets of GE Capital Bank. GS Bank would also hire certain employees of GE Capital Bank who manage and provide support for the online deposit platform.

On consummation of the proposal, Goldman Sachs would control approximately $95.1 billion in deposits through GS Bank and would remain the second largest depository institution in Utah, controlling approximately 18% of the total deposits of insured depository instituions in the state.