Investment Business Weekly
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Life Insurance Companies
MetLife to Sell Depository Business of MetLife Bank to GE Capital Financial
January 15th, 2012
MetLife, Inc. (NYSE: MET) announced that GE Capital Financial Inc. will acquire most of the depository business of MetLife Bank, N.A. Financial terms of the transaction, which is expected to close in the second quarter of 2012, were not disclosed.
Under the definitive agreement signed by GE Capital and MetLife Bank, GE Capital will acquire approximately $7.5 billion in MetLife Bank deposits, including certificates of deposit and money market accounts. Approximately $3 billion in custodial deposits associated with MetLife's forward mortgage business and certain other deposits are not included in the transaction, but will be transferred out of MetLife Bank over the next six...
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Source: Investment Business Weekly (2012-01-15)