The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Business Wire

MetLife Completes Sale of MetLife Bank Deposit Business to GE Capital

Monday, January 14, 2013

MetLife Completes Sale of MetLife Bank Deposit Business to GE Capital07:00 EST Monday, January 14, 2013 NEW YORK (Business Wire) -- MetLife, Inc. (NYSE: MET) announced today that it has completed the sale of MetLife Bank, N.A.'s deposit business to GE Capital Retail Bank, FSB, a subsidiary of GE Capital. As a result, approximately $6.4 billion in bank deposits have been transferred to GE Capital Retail Bank. “The closing of the transaction with GE Capital is an important step in the process of exiting retail banking and allows MetLife to maintain its strategic focus as a global insurance and employee benefits leader,” said Steven A. Kandarian, chairman, president and chief executive officer of MetLife, Inc. The transaction was approved by the Office of the Comptroller of the Currency on December 12, 2012. MetLife has begun to take the necessary administrative steps to deregister as a bank holding company. MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com. MetLife, Inc.For Media: John Calagna, (212) 578-6252For Investors: Edward Spehar, (212) 578-7888