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.
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