MetLife Completes Sale of Bank Deposit Business to GE

MetLife Inc. (MET), the largest U.S. life insurer, completed the sale of its deposit business to General Electric Co. and is moving to deregister as a bank-holding company to reduce U.S. oversight.

About $6.4 billion in bank deposits were transferred to GE Capital Retail Bank, New York-based MetLife said today in a statement, which didn’t give the terms of the deal.

MetLife Chief Executive Officer Steven Kandarian, 60, has been blocked from raising the firm’s dividend or repurchasing shares by the Federal Reserve, which weighed how the largest U.S. lenders would fare in a financial crisis. The insurer is now seeking permission from the Fed and Federal Deposit Insurance Corp. to end its bank status.

“The closing of the transaction with GE Capital is an important step in the process of exiting retail banking,” Kandarian said in the statement.

To contact the reporter on this story: Zachary Tracer in New York at ztracer1@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net

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