GE Capital, the financial services division of GE (NYSE: GE), announced today that its wholly-owned bank affiliate, GE Capital Financial Inc. is acquiring MetLife’s U.S. retail deposit business, consisting of ~$7.5 billion in U.S. deposits and an established online banking platform. Financial terms of the transaction were not disclosed.
“This acquisition fits with our plans to launch a U.S. deposit platform,” Dan Henson, president and CEO of GE Capital – Americas, said. “It accelerates our timing, helps us build a stronger and more cost efficient funding base, and allows us to better serve our middle market commercial customers.
“These new capabilities combined with the GE Capital brand and our financial services marketing expertise provide an excellent engine for future growth,” Henson said. “And since we will be using the same service and support platforms, the customer transition will be seamless and the quality experience consistent.”
The transaction is targeted to close in mid-2012, pending regulatory approvals.