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. -- January 14, 2013
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.Thisstrategic 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 Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter @GECapital.
GE (NYSE: 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.
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Russell Wilkerson, 203-840-6420 (T) / 203-581-2114 (M)
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