GE Capital Retail Bank finalized its acquisition of MetLife’s deposit base and online deposits business, the Stamford-based company and General Electric Co. subsidiary announced Jan. 14.
The deal includes about $6.4 billion in deposits in addition to MetLife’s online banking platform. As a result of the transaction, GE Capital Retail Bank has taken on 40 former MetLife employees, the company said.
The acquisition was finalized after gaining the approval of the Office of the Comptroller of the Currency. GE Capital Retail Bank did not disclose what it paid MetLife for its online deposits business and deposit base.
“The acquisition of this high-quality portfolio and platform aligns with GE Capital’s goal to build a stronger, more diversified funding base and invest in core, high-performing businesses where we have expertise and broad capabilities to grow,” said Margaret Keane, CEO of GE Capital Retail Bank and GE Capital’s retail finance business, in a prepared statement.