March 23, 2016 / 6:58 PM / in 2 years

New York banking regulator gives blessing to Goldman, GE bank deal

WASHINGTON (Reuters) - The New York Department of Financial Services on Wednesday approved Goldman Sachs Group Inc (GS.N) acquisition of GE Capital Bank’s U.S. online deposits.

A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014. REUTERS/Lucas Jackson

    The Federal Reserve earlier this week gave permission for the $17 billion deal which gives Goldman control of around $95 billion in deposits through its GS Bank unit.

    With approval from the Federal Reserve and New York, the transaction needs support of Utah regulators.

    Reporting By Patrick Rucker; Editing by Chris Reese

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