Jan 14 MetLife Inc said on Monday it had
closed the sale of its deposit business to General Electric Co
, a move that allows the U.S. insurer to drop its
registration as a bank holding company and provides GE Capital
with an alternative source of funding for its lending business.
The deal, for $6.4 billion in bank deposits, had been in the
works for more than a year with regulatory review the main
reason for the delay.
The two companies in September tweaked the deal structure to
make it subject to the approval of the Office of the Comptroller
of the Currency, rather than the Federal Deposit Insurance Corp,
and won approval in mid-December.
Fairfield, Connecticut-based GE reached the deal to buy the
deposit-taking unit in December 2011, with an eye toward making
its GE Capital finance unit less dependent on borrowing.
New York-based MetLife said the deal reflected its desire to
focus on its insurance and employee benefit operations.