Office of the Comptroller of the Currency Approves GE Capital's Acquisition of MetLife Bank Deposit
Office of the Comptroller of the Currency Approves GE Capital's Acquisition of MetLife Bank Deposit Business
NEW YORK--(BUSINESS WIRE)-- MetLife, Inc. (NYS: MET) announced today that the Comptroller of the Currency has issued a conditional approval of GE Capital's acquisition of approximately $6.5 billion in bank deposits from MetLife Bank, N.A.
Upon completion of the acquisition, which is subject to closing conditions, deposit customers of MetLife Bank will become customers of GE Capital Retail Bank, a unit of GE Capital.
After closing, MetLife will work with the Federal Deposit Insurance Corporation and the Federal Reserve to take the necessary administrative steps to deregister as a bank holding company.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
This press release may contain or incorporate by reference information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give expectations or forecasts of future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective services or products, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, trends in operations and financial results.
Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of MetLife, Inc., its subsidiaries and affiliates. These statements are based on current expectations and the current economic environment. They involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements. Risks, uncertainties, and other factors that might cause such differences include the risks, uncertainties and other factors identified in MetLife, Inc.'s most recent Annual Report on Form 10-K (the "Annual Report") filed with the U.S. Securities and Exchange Commission (the "SEC"), Quarterly Reports on Form 10-Q filed by MetLife, Inc. with the SEC after the date of the Annual Report under the captions "Note Regarding Forward-Looking Statements" and "Risk Factors," and other filings MetLife, Inc. makes with the SEC. MetLife, Inc. does not undertake any obligation to publicly correct or update any forward-looking statement if we later become aware that such statement is not likely to be achieved. Please consult any further disclosures MetLife, Inc. makes on related subjects in reports to the SEC.
John Calagna, 212-578-6252
Edward Spehar, 212-578-7888
KEYWORDS: United States North America New York
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