MetLife announces intentions to sell retail business deposits to GE Capital


AP

NORWALK, Connecticut–MetLife said Tuesday it plans to sell its U.S. retail deposit business to GE Capital as it moves away from being a bank holding company. Financial terms were not disclosed. MetLife Inc., which offers insurance and employee benefit programs, said in July that it was exploring the sale of its banking operations to focus on its other business. GE Capital’s banking business, GE Capital Financial, will acquire US$7.5 billion in deposits. About US$3 billion in other deposits are not part of the deal, but will be transferred out of MetLife Bank in the next six months. It has not yet been determined where the US$3 billion will be transferred, said company spokesman John Calagna. GE Capital says the deal fits its plans to launch a U.S. deposit platform. MetLife Bank began operating in 2001, offering retail savings products via the Internet. The deal is expected to close in the second quarter.