BROOKFIELD, Wis. - MetLife Inc. announced it has picked Fiserv Inc. to provide the technological framework for MetLife's proposed Internet bank.
Fiserv has set up Internet applications for Britain's second-largest mortgage bank, Abbey National PLC, and Toronto-based Canadian Imperial Bank of Commerce. MetLife announced a deal in August to buy $80 million-asset Grand Bank of Kingston, N.J., which has one branch. MetLife plans to use the bank, which would be renamed MetLife Bank, as a springboard to offer financial services to its 11 million policyholders nationwide.
If the acquisition gets regulatory approval, Fiserv's president Leslie Muma said the bank's online component will go live by the first quarter.
Compiled by Andrew Roth