NEW YORK (Reuters) - Green Dot Corp (GDOT.N) plans to acquire the Wal-Mart branded pre-paid debit card business from General Electric Co’s (GE.N) GE Capital unit, the U.S. Federal Reserve said in a statement on Friday.
The Fed said it has approved the deal, which includes $276 million in total deposits, more than doubling the total deposits at Green Dot’s Utah-based bank unit.
Green Dot plans to offer more features to Wal-Mart Stores Inc (WMT.N) cardholders, including automated bill payment and check-writing.
GE said this month that it plans to sell its retail lending arm, as part of its plan to scale back exposure to financing businesses.
(This story corrects first and second paragraphs; Green Dot’s bank unit is in Utah, not the parent company)
Reporting by Lauren Tara LaCapra; Editing by Gerald E. McCormick