NEW YORK – A big player is taking steps to exit the banking business, while another is increasing its footprint.
MetLife, Inc., reported it is selling the bulk of its deposits to GE Capital Finance. GE Capital intends to buy about $7.5 billion of MetLife’s roughly $10.7 billion of deposits, which consist mostly of certificates of deposits and money-market funds. The deal does not include about $3 billion in custodial deposits associated with MetLife’s mortgage business and certain other deposits that MetLife said would be transferred out of its MetLife Bank over the next six months.
The companies did not disclose a sale price.
MetLife has been looking for a buyer for its depository since July, when it announced it was abandoning its charter due to the increased costs and demands of complying with federal regulations.
