Daily News: January 14, 2013

GE Capital Closes MetLife Bank Deposit Transaction

GE Capital Retail Bank, a Federal Savings Bank, said it finalized the acquisition of MetLife’s deposit base and online deposits business. The deal adds approximately $6.4 billion in deposits, 40 employees and an established online banking platform. Financial terms of the transaction, which has been approved by the Office of the Comptroller of the Currency (OCC), were not disclosed.

“The acquisition of this high-quality portfolio and platform aligns with GE Capital’s goal to build a stronger, more diversified funding base and invest in core, high performing businesses where we have expertise and broad capabilities to grow. This strategic transaction is a strong fit for our business. We will be able to leverage our existing infrastructure and capabilities to seamlessly integrate MetLife’s online deposit business and serve these valued customers,” said Margaret Keane, CEO of GE Capital Retail Bank and GE Capital’s Retail Finance business.

With this acquisition, GE Capital Retail Bank will offer online savings products that meet customers’ needs and plans to integrate the business to ensure continuity for current accountholders.

Previously on abfjournal.com:

OCC OKs GE Capital Acquisition of Metlife Deposit Business, Thursday, December 13, 2012