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MetLife (MET) Completes MetLife Bank Sale; Transfers $6.4B in Assets

January 14, 2013 7:04 AM EST
MetLife, Inc. (NYSE: MET) has completed the sale of MetLife Bank, N.A.’s deposit business to GE Capital Retail Bank, FSB, a subsidiary of GE Capital. As a result, approximately $6.4 billion in bank deposits have been transferred to GE Capital Retail Bank.

“The closing of the transaction with GE Capital is an important step in the process of exiting retail banking and allows MetLife to maintain its strategic focus as a global insurance and employee benefits leader,” said Steven A. Kandarian, chairman, president and chief executive officer of MetLife, Inc.

The transaction was approved by the Office of the Comptroller of the Currency on December 12, 2012. MetLife has begun to take the necessary administrative steps to deregister as a bank holding company.


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