Jan 8 The Federal Reserve has granted MetLife
Inc a third extension to submit its capital plan as the
insurer moves closer to completing the sale of its
deposit-taking business to a unit of General Electric Co's
The largest life insurer in the United States said it
received a letter from the Fed granting an extension until June
30 to submit the plan. ()
MetLife has a bank holding charter because of its online
banking business and is therefore overseen by the Fed. Last
March the insurer failed a stress test and was blocked by the
Fed from raising dividend or buying back shares.
The sale of the deposits portion of its bank to GE Capital
got approval from banking regulators in December, moving MetLife
a step closer to relinquishing the bank charter, which may mean
the end of Fed oversight.
The company has, however, warned that it does not expect to
buy back any shares in 2013, a blow to investors who have waited
since the autumn of 2011 for a return of capital.
MetLife had received an extension from Sept. 30, 2012 until
Jan. 5 to resubmit its capital plan. The September deadline was
also an extension of an earlier June deadline.