GE Capital Retail Bank Closes MetLife Bank Deposit Transaction
Transaction adds approximately $6.4 billion in deposits and complements GE Capital's successful Retail Finance business and funding diversification plan
STAMFORD, Conn.--(BUSINESS WIRE)-- GE Capital Retail Bank, a Federal Savings Bank, announced today that 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.
About GE Capital
GE (NYS: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
Caution Concerning Forward-Looking Statements
This document contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "expect," "anticipate," "intend," "plan," "believe," "seek," "see," or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain, which may cause actual future results to be materially different than those expressed in these forward-looking statements. We do not undertake to undertake to update these forward-looking statements.
©2013 General Electric Company, All rights reserved.
Russell Wilkerson, 203-840-6420 (T) / 203-581-2114 (M)
KEYWORDS: United States North America Connecticut
The article GE Capital Retail Bank Closes MetLife Bank Deposit Transaction originally appeared on Fool.com.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.