MetLife Inc. took a step closer to exiting the banking business Tuesday by announcing that it is selling the bulk of its deposits to GE Capital Finance Inc.

The insurance giant said in a news release that GE Capital intends to buy about $7.5 billion of its roughly $10.7 billion of deposits, which consist of 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.

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