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GE Capital to acquire most of depository business of MetLife Bank

GE Capital Financial has agreed to acquire most of the depository business of North America-based MetLife Bank.

MetLife Bank, which began operations in 2001, had $10.7bn in deposits as of 30 September 2011.

As per the deal, GE Capital will acquire $7.5bn in MetLife Bank deposits including certificates of deposit and money market accounts.

MetLife said approximately $3bn in custodial deposits associated with its forward mortgage business and certain other deposits are not included in the transaction, but will be transferred out of MetLife Bank over the next six months.

The transaction, which is subject to certain regulatory approvals and other customary conditions is expected to close in the second quarter of 2012 .

Financial terms of the transaction were not disclosed.