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GE Capital Retail Bank acquires MetLife Bank’s deposit business

US-based GE Capital Retail Bank has acquired MetLife Bank’s deposit base and online deposits business, for an undisclosed sum.

As part of the acquisition, nearly $6.4bn in bank deposits, 40 employees, and an established online banking platform have been transferred to GE Capital Retail Bank.

Commenting on the deal, GE Capital retail bank and retail finance business CEO Margaret Keane said the acquisition will enable the firm to create a stronger, more diversified funding base and invest in core, high performing businesses.

"We will be able to leverage our existing infrastructure and capabilities to seamlessly integrate MetLife’s online deposit business and serve these valued customers," Keane added.

MetLife chairman, president and CEO Steven Kandarian said the transaction with GE Capital is a significant step in the process of exiting retail banking and allows MetLife to maintain its strategic focus as a global insurance and employee benefits leader.

The Office of the Comptroller of the Currency has approved the transaction on 12 December 2012, subsequently; MetLife has initiated necessary administrative steps to deregister as a bank holding company.

US underwriter MetLife delivers insurance, annuities and employee benefit programs, to more than 90 million customers through its subsidiaries and affiliates and trades in the US, Japan, Latin America, Asia, Europe and the Middle East.